Normally, SET SESSION SQL_LOG_BIN is used by DBAs to run a
non-conflicting command locally only, ensuring it does not
get replicated.
Setting GLOBAL SQL_LOG_BIN would not require all sessions to
disconnect. When SQL_LOG_BIN is changed globally, it does not
immediately take effect for any sessions. It takes effect by
becoming the session-level default inherited at the start of
each new session, and this setting is kept and cached for the
duration of that session. Setting it intentionally is unlikely
to have a useful effect under any circumstance; setting it
unintentionally, such as while intending to use SET [SESSION]
is potentially disastrous. Accidentally using SET GLOBAL
SQL_LOG_BIN will not show an immediate effect to the user,
instead not having the desired session-level effect, and thus
causing other potential problems with local-only maintenance
being binlogged and executed on slaves; And transactions from
new sessions (after SQL_LOG_BIN is changed globally) are not
binlogged and replicated, which would result in irrecoverable
or difficult data loss.
This is the regular GLOBAL variables way to work, but in
replication context it does not look right on a working server
(with connected sessions) 'set global sql_log_bin' and none of
that connections is affected. Unexperienced DBA after noticing
that the command did "nothing" will change the session var and
most probably won't unset the global var, causing new sessions
to not be binlog.
Setting GLOBAL SQL_LOG_BIN allows DBA to stop binlogging on all
new sessions, which can be used to make a server "replication
read-only" without restarting the server. But this has such big
requirements, stop all existing connections, that it is more
likely to make a mess, it is too risky to allow the GLOBAL variable.

The statement 'SET GLOBAL SQL_LOG_BIN=N' will produce an error
in 5.5, 5.6 and 5.7. Reading the GLOBAL SQL_LOG_BIN will produce
a deprecation warning in 5.7.