I hit 'Ctrl Z' to undo a recording and all of my effects bins turned off in the process. Is this a glitch?

CTRL+Z does not normally bypass FX Racks but clicking E will.

It happens to me sometime. With FX button checked and I don't kow why.

Takes a while to figure out what on earth happened to the mix all of a sudden.

I've experienced the phenomenon of having all my fx bins unexpectedly becoming disabled. Or worse, just one of them. Never could pin down what the problem was, but the inconsistency of it suggests operator error over a software bug. I don't even know what the keyboard shortcut is for disabling a single fx bin, assuming there is one. 
 
"E" is a terrible choice for global bypass, if that's what the new default is. One of the first things I did after migrating away from 8.5 was to set most of my keyboard shortcuts back to what they were under 8.5. That includes the awkward but unlikely to hit accidentally CTL-Y for global fx bypass.