Cubase 12/Padshop migration issue

I recently bought a new PC for Cubase 12 and am currently migrating my compositions from a different machine running Cubase 11 to that new machine with Cubase 12.

On one of my projects, I am using the Padshop in spectral synth mode with a custom sample to generate a bass line. However, that bass line sounds very different when generated in Cubase 12 vs. Cubase 11.

All the settings are exactly the same – same sample, same Padshop settings, and same exact project, just loaded into Cubase 12 vs. Cubase 11. I have attached two Renderd-In-Place WAV files so you can hear the difference yourself – they were rendered dry, so that any channel settings or inserts (which are, again, identical) aren’t part of the signal chain.

Has anybody else had a similar issue (and perhaps a solution to this)? I know I can just render the desired bass sound in Cubase 11 and import that as an audio file into Cubase 12, but that means I can’t drive Padshop with MIDI anymore and that I am stuck with the notes and tempo of that rendered track, which defeats the purpose of having a soft synth in the first place.

I’ve also attached the Padshop settings (which are identical in Cubase 11 and Cubase 12)

in case that helps.

I’ve also filed a support ticket with Steinberg for this, but who knows whether this will lead anywhere, so I’m asking this knowledgeable group!