If you want to temporarily remove Timeline FX from a clip, you can mute it.
To mute Timeline FX:
From a segment on the timeline, select the Timeline FX you wish to mute.
Then from the Effects menu, Click the blue LED on the Timeline FX button. The LED on the button will turn dark to indicate that the Timeline FX has been turned off. The blue LED on the Timeline FX in the segment on the timeline will turn off as well, indicating that the effect has been muted. To unmute an effect, click the LED on the Timeline FX button in the Effects menu. The LED will turn blue, to indicate that the Timeline FX has been unmuted.
To delete Timeline FX:
Select the Timeline FX from a segment in the timeline that you want to delete.
Either click the Timeline FX and drag it to the bottom of the screen, or right-click the Timeline FX, and from the context menu select Delete. You can also click the Delete button on the right side of the Effects menu.