However, a problem I find with this is that a switch in the off state does not stand out enough in your peripheral vision and it's easy to forget to turn them back on when you're done practicing/recording. I've exported and even released songs like this only to realise later
So my solution would be to optionally have bright red, flashing switches that stand out & clearly remind you that you've temporarily put these switches into the off state so that you remember to turn them back on once you're ready.
In addition to that, I think it'd also be nice to have one single switch that'll automatically disable any plugins across the entire mix that are creating latency with the option of excluding some tracks such as the master track, for example, because you'd likely have a limiter there (with possible PDC) that you'd want to keep enabled.
Cheers.