If the Blend if is applied to a layer, we have to double click to open the Layer style window and turn off (uncheck) the Preview to see the layer without the effect.
Firstly, it's 3 clicks (at least).
Secondly, the window is too big and partially overlaps the image.
Thirdly, if we changed (and applied) the sliders values more than once, the unchecked Preview shows the previous state. So, if we want to see the layer without the effect, we have to move the sliders back to their default position.
My suggestion is to toggle the visibility of the effect in 1 click by clicking its icon.