The enable/disable functionality would be good especially during development because I am constantly trying to work out new formulas. A workaround for this @KenMorrill is to just comment the formula out with //. I do it all the time to save thoughts and ideas.
Ability to expand all/collapse all formulas has been added to the Formula tool as of Designer version 2022.3! You'll see the new toggle in the upper left corner next to Output Column header that will allow you to quickly expand all or collapse all formulas. Happy Alteryx-ing!
(Note that we have not implemented the ability to disable/enable a single formula from part 2 of the idea... current recommended workaround would be just comment out the formula temporarily if you do not wish it to run. If this is still an idea you feel would be valuable, please check Community to see if it has also been proposed and/or add a new idea specific to that functionality! Thanks!)
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