Does Bypass Effects in Mixdown bypass Tape?

[the29band]

As in the title, if I am bouncing a couple of tracks (converting MIDI to Audio) and check 'bypass effects', does it bypass tape (in the tape section) or just anything in Inserts? Thanks.

 

[UniversalAudio]

As in the title, if I am bouncing a couple of tracks (converting MIDI to Audio) and check 'bypass effects', does it bypass tape (in the tape section) or just anything in Inserts? Thanks.

It does not. Just Inserts.