Here’s how I see things (please correct me if you think I’m wrong):
I’ve read the names of these standards so much in questions / answers of mocks, qbank and readings that I can tell whether an question choice is a standard or not. This is for the type of questions that go: which is one of these items is least likely a standard, or most likely a section of GIPS, etc…
I’ve used them so much in practice that I know which one means what (what communication to clients refrains you from doing, etc…), and that covers the type of questions: which standard did John break when he sold heroin to a his 6 year old sister.
The rest of the questions are situational. And there is no way that you are going to be asked to name standards or the code of ethics, since L1 is only multiple choice. So I didnt waste my time in learning them all by heart, I figured my time was better spent on drilling QBank ethics questions.