In the default mapping, that's not possible, but you could do this be modifying the mappings, e.g;
Map the parameter knob to the following:
effect active ? effect slider 1 : browser_scroll
Map the parameter knob press to the following:
effect active ? effect button 1 : browser_enter
Map the jogwheel to:
effect active ? effect slider 2 : touchwheel
And map the jogwheel touch sensor to:
effect active ? nothing : touchwheel_touch
With the above, when an effect is active the parameter knob will adjust slider #1 (Normally wet/dry (Volume)) and the jogwheel will adjust slider #2. Pressing the parameter knob will press the 1st button of the effect.