Thanks for the explanation, Brian. I compared this behavior to the other editor I’m familiar with, Kdenlive, and, I could see things were similar there; i.e., the properties of the effect stayed visible in the Effects window as long as the clip was still selected, regardless of the position of the playhead. However, I had yet to encounter an effect that had something visible that stayed on the project monitor when the playhead moved on. There may indeed be others, I just haven’t had a reason to use them yet.
Regardless, now that I understand it, it’s not a big deal, it just threw me the first time I saw it.