Yeah, this is a great feature in any node based environment. Both Houdini and Nuke have this functionality, ie to bypass/disable current node and it comes very handy when testing things out or debugging a network. I suppose, though, that it could be a little tricky to do with execution pins and branches.
EDIT: Hey bigquix your post motivated me to propose some other houdini network editor features I’d like to see in the blueprint editor(https://forums.unrealengine.com/showthread.php?10102-Blueprint-editor-improvements&p=76518#post76518). I have also included your proposal of node bypassing with a link to this thread. Hope you don’t mind.
All the best!