If you click the stop button (Red Square), the Instant Run is deactivated. Then click the Run button the list of devices appears again.
The drawback is that when you click on the stop button the application is killed on the current running device.
We need a way or a shortcut to bypass Instant Run
Disconnect the device, click on the “play” button. Android Studio ask you now where to run the app.
Connect your device and select it.
On of the helpful method I found through which at-least you don’t have to disconnect your already connected device to run the app on another device.
Click on the arrow down icon near to run option and select Edit Configuration.
It will open Run/Debug configuration dialog box, uncheck the checkbox “Use same device for future launches”.
Next time when you will hit the run button, Android Studio will ask you to select the device.