It depends on what you mean by "in and out of the chain"... all these global bypass controllers do is bypass and unbypass the effects they are assigned to. So your patches have to be set up as you want them, and the IAs will enable or disable the effects *if* they are in your patch. Pressing that delay IA will not do anything in a patch that doesn't have the delay block.
So it *does* give you access to the individual effects as you need them, but your patch has to be set up for it.
Example: I have a patch which has a delay, a chorus, and a tremolo. All three blocks are bypassed by default. When I'm on that patch, pressing on the IA that I have assigned to chorus1 will unbypass the chorus block (i.e. gives me access to the chorus as I needed it). If I switch to another patch, and come back again to this one, the chorus is bypassed again (that's the state it was saved in), but I have access to chorus, delay and tremolo via my floor controller. Another IA assigned to the flanger bypass, for example, won't do anything because my patch doesn't even have a flanger block in my patch.
Also, pay close attention to your effect block's bypass mode. There are several modes available (mute effect in, mute out, etc) which all behave differently. You need to set your bypass mode as required, depending on what you're trying to do and also depending on your signal chain. You may want to use a different bypass mode on a block in parallel than you would on a block in series, for example.