Not sure if this is a known issue, but I think I’ve found a bug with ARA in Cubase 10.5.11.
If you turn a group of audio events into a Part, and then attempt to add an extension to one of the events in the Lower Zone editor, Cubase will become sluggish and it won’t work. You have to undo it for Cubase to become fully responsive again.
If you turn any group of events that include ARA into a Part, any event with an ARA extension on it will not play back.
I’m seeing this with both Melodyne and SpectraLayers in macOS Mojave.
Yeah, I see Audio Parts (the thing that happens when you convert a bunch of events to Audio Parts in the dropdown, or slice an event at its Hitpoints) as an organisational container for easy management of audio that you’ve cut up into, say, a rhythm or phrase. Recently I’ve started using them as containers for different comps too. It means you can easily switch between comps on Lanes (and even make comps of comps) without needing to use Track Versions. I’ve used Audio Parts since Cubase VST and have always loved them. Bitwig Studio uses a similar concept with its Clips, which is something it does so much better than something like Ableton.