Real time parameter control can be done via the External Controllers. There are 16 available in the MIDI/Remote menu that you can assign CC messages.
Can’t you also assign MIDI CCs to block Bypass states directly without relying on controllers?
So if you want to automate, say a Wah or a Whammy, External Controllers are the way to go, for individual blocks bypass or for scene changes a more direct method may be better.
There are a couple things that make External Controllers not as useful as they could be. The first is that as soon as you assign a parameter to an EC, you can’t control it manually anymore, which is a bummer. The second is that you can’t record your actions in a DAW, so programming all this can be quite tedious. As a matter of fact, in Ableton specifically it’s the most tedious because you have to literally draw curves (unless something changed in the latest version). When I used Ableton for automation I created automation tracks in other DAWs where you can directly type stuff in, and then imported resulting MIDI clips into Ableton. At some point I set up a Maschine Jam controller to write this automation, which made the process more or less tolerable, otherwise for anything not as simple as switching scenes a few times during a song it’s all quite a pain in the neck to do.
There’s also a possibility to do looper control with CCs, albeit the way it is done in current generation is just plain bad (ie there’s no way to Play or Stop, this is a toggle, so what happens when a CC value changes depends on previous state, not on the value itself, which can mess things up in a big way, depending on how the looper is used).