Hello @andreasm - sorry for butting in like this.!
When you have a chance could you also please look into the following reported concern/glitch, seen when side-chaining with the FX Modulator in Cubase 12…
FX Modulator Side Chain Timing Drift - Cubase - Steinberg Forums
The thread has zero responses… I have no idea if this has already been reported to Support directly. I am unable to check the issue myself…