This feature is already implemented for visibility, opacity, and color. Visibility and opacity of markups is already filtered by visibility and opacity of the folder display node. Color of the markups is only overridden by the folder display node if “Apply color to all children” option is enabled.
If you want to temporarily override other display properties then the markups widgets need to be updated to take into account information stored in the folder display node.
If you want to override markups-specific display properties then you could add a reference from the folder display node to a markups display node. That markups display node could be a new one or the display node of any markups in the branch.
The GUI for this would be probably menu item(s) in the color context menu (similarly to the “Apply color to all children”). When you select the folder node in markups module, the display properties editor could modify this overriding markups display node.