I’m a Cubase pro user since ever but new to Wavelab.
Despite the ASIO was set properly and working fine with Cubase and Wavelab, with Wavelab it works fine with my Focusrite inputs but in preferences audio connection the recording shows the internal audio. Is that a bug or something else?
This is rather strange I must say, since your Focusrite device is selected.
Maybe its a naming issue only, as you say things are working fine.
In this case, just double click in the entries, to rename them.
Thank you for the suggestion 
Done.