Date & Time: 6/29/2024 2:00 PM
Frequency: All the time
World name: Cactuar
Character name: Flufferbut Butterbuns

Steps:
1. Turn off Battle Effect settings. In my case I had Party set to Limited and Others(excl. PvP) set to Show None.
2. Be near another player Dragoon and when they do Rise of the Dragon you will see the visual effect for it despite setting being at Show None. In my case it was another player not in my party.

Example:
https://clips.twitch.tv/PlayfulSmoky...9fHHe6gat1FeQL
In this clip you can't see any other visual effect from what other players are doing except for Rise of the Dragon.