At this point the game actually does filter these things. They still all show up but it puts the important ones first. The exception to this is if the target has too many debuffs on it (sometimes happens in alliance raids a bunch of SMNs) where it'll just stop displaying new debuffs altogether.

Currently it'll display your debuffs (duration is always shown in green) then important debuffs from your allies like Trick Attack or Chain Strategem, then everyone else's garbage.