Good deal. Clicking SAVE (as effect template) writes the item to the effects box. There's no need for 'temp.' Yes, the big green + sign opens the effects choices.
Here, VP effects application is quick. Play the real-time demo below. Video editing is resource intensive, so how it performs is affected by hardware.
Under OPTIONS | EDITING tab, toggle the "use hardware acceleration' item and see if that improves response.
Sequence 1.mp4