Since HA only uses one drop-down for the Light entity, it may make more sense to have that select from the Preset list rather than the Effects. This would be most similar to how the Nano Leaf Aurora works with HA because there are so many variables associated with an Effect.
Typically I have been setting up all of my WLED lights with the MQTT Light integration so that I can pick from presets for the Effect drop-down and I find that way more useful.