Limit breaks do not count as self, party, or other. They are always visible:
For SMN, your own effects can be toggled with
/bfx self
as above, but other people's effects are a little more complicated. I play with party member effects set to simple/limited, and I think a lot of other people do too. However, the /bfx command as a toggle only does all<->none. If that's what you need,
/bfx party
will do it in a single button. But you can't do a party effects simple<->all toggle unless you use two macros and tie up two whole hotbars for a swap. This overcomplication is a bit steep a price, at least in my opinion, and the better option is just to have two buttons. One for
/bfx party simple
and another for
/bfx party none