For Cubase 11 - it doesn’t find Waveshell 9.3 64 bit and none of the waves plugins load
(BTW Cubase 10.5 does not do this)
Windows Security somehow blocks VST scanner 2.X and VST Scanner 3.0 -
SOLUTION:
Open Windows Security (aka Windows Defender)
Go to windows Defender and allow these 2 programs to run: add an allowed app