I had to do something like that back in the old Platinum(?) days when running the 32 bit version of SONAR and ReValver (DX effect that was exposed as a DXi).
Nope - it appears as an audio driver so behaves the same as physical cables (but gauranteed to be bit perfect - no jitter etc). Assuming using a driver mode in the DAW which doesn't go through Windows mixer (ASIO, for example).
Right - sorry, misunderstood that. Did you then select Custom once you'd come out of that edit box. I had forgotten All wasn't editable, so it should show the FX bins.
Preset is Custom; selected is All. Now All should mean All, but check how it's set up in the Preset Manager (or select Custom in the drop-down that currently says All).
I can't think of any good reason *not* to keep it online - downloading OS patches and software updates, posting songs to YT or Bandlab or wherever. Having to do that the old-fashioned way is just, well, old-fashioned.