To temporarily disable all effects applied to a layer, choose Layer ^ Layer Style ^ Hide All Effects. Or better yet, just click the eyeball in front of the word "Effects" in the Layers palette. Click the eyeball spot again to show the effects. You can likewise hide and show individual effects — without permanently disabling them — by clicking eyeballs. Photoshop even goes so far as to save hidden effects. This makes it easy to bring an effect back to life later without re-entering settings.
To permanently disable an effect, drag it and drop it onto the trash icon at the bottom of the Layers palette. To delete all effects, drag the word "Effects" to the trash.
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