Well.. there is hacky way to do that, at least in case of testing extension on Self-hosted Agents which you can manage.
Every Agent stores Extensions data in _work/_tasks/<extension_name><Extension_GUID>/<version>
inside of Agent Home directory - eg. C:\VSTSagents\Agent01\_work\_tasks\OctopusCreateRelease_4e131b60-5532-4362-95b6-7c67d9841b4f\3.0.168
.
Nothing can stop you from playing with internals of extension there, so you can easily replace any content or even all files to test you newest changes.
But still, take under consideration that those changes can still affect other users using this Agent, so if you decide to do that having special Agent outside of production Agent sounds like a good idea.