Yes it will remove all fx, it’s not doable in your case.
But i think you can use faster way isntead manually clicking it.
Are you aware that you can jump through the selected clip without clicking, right ?
Use Ctrl + Up/Down Arrow
You can hover your mouse in effects tab.
This way you can jump through the clip with minimal clicking.
And yes the removal have to be done manually.
But at least you didn’t have to switch back and forth between clip in the timeline and the effects tab.
The other option would be to edit the project file, Premiere rpohect file actually a 7zip file, you can rename the extension to 7z, then extract, after that you add .xml extension to the extracted files.
You can edit the project internally.
However, i’m not well versed which lines need to be removed. You better make a copy of the project, or even make a test project with minimalis effects to see which one is working and didn’t corrupt your project.
The benefit of 2nd approach obviously you can do this with Regex Find and Replace.
Depends how big your project is, this is a doable method to batch remove/mass edit project files internally.
I personally don’t recommend 2nd option unless you really know what you’re doing.
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Sorry for the english, not native speaker.