Thanks for all the replies. Yes, there is a bypass button in the top left corner of each plugin window, but as scook pointed out, this only works for VST3, it is grayed-out for VST2 plugins. Unfortunately not all of my favorite VST2 plugins have been updated to VST3.
It would be nice to have that option for all plugins, not just the VST3s. As I said in my first post, while it's not a major inconvenience, it does tend to disrupt the flow a bit when you are tweaking your plugin settings and must jump out of the plugin window, hunt for the track strip, then make sure you are choosing the right plugin every time you need to check it bypassed. Why not be able to just reach up and click that button in the top left corner of the plugin window?
Thanks again folks!