Effects can be stored in a preset, and those presets can be used to create submasters and cues. However, the effect's data is only copied to the submaster or cue, it is no longer referenced through the preset.
Note: If used with submasters and cues, the data is not referenced. So if changes are made to the effect in the preset, the effect saved to the submasters and cues will remain unchanged.
The preset list display has a column for effects.
For more information, see Recording an Effect to a Preset.