usually (for my editing purposes) i use just 5 or 6 effects/transitions effects..
can be nice if in future will be possibile to place a small selection of these icons near the timeline


going crazy switching from effects/transitions tabs (and after that using the search tools... too slow ... this can be improved a lot)

The star icon indeed offers you quick access to the effects you flagged as favorite?! (in effects list, right click on an effect / Add to Favorites)

yep on effects i can set favorites.. but on transitions there is not the favorite menu... it's possible that on future releases will be added?