Have you looked into scenes? Light effects are, generally speaking, something natively supported by the bulb (though there's no reason a driver couldn't fake something). Zigbee bulbs at least usually have a scene table that sounds about like what you're asking for, but nothing in Hubitat uses that right now. A scene would emulate it with software on the Hubitat side.
Just the clarify my request: I am writing a device driver for WLED.
WLED has a concept of color palettes. However Hubitat does not.
So in order to change the color palette from the dashboard there will need to be something in Hubitat that allows this. That something is a new presets capability that I was talking about. I.e. so that on the dashboard I can see a drop down list of available palettes and can choose a palette. The driver will be responsible for providing available palettes and setting selected palette on the device.