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That is the case with sed, but with awk it can be on the same line.

$ printf '1 2\n2 3\n3 4\n' | sed -n '/1/,/2/p'
1 2
2 3

$ printf '1 2\n2 3\n3 4\n' | awk '/1/,/2/'
1 2

I suggest using a range expression, so that all replacements occur over all lines. Try:
awk '/Umbist_reverse_inst/,/\);/{gsub(/\(\)/,"")}1' list
Also, the parentheses need to be escaped, since they...