Yes. This feature is already in our feature and improvement tracker. I’ll add you to the list of interested parties.
Yes and no. It is true that effect bypass automation won’t allow you to achieve entirely new audible behaviors.
However, it will also make certain common event behaviors much easier to implement and maintain - much as magnet regions make it much easier to implement and maintain behaviors that could potentially also be achieved by using transition regions.
In addition, bypassing an effect stops that effect from using CPU time and memory to process the signal. Being able to automate effect bypass would therefore be useful for resource management.