I was wondering if there is a known method that works to edit a .vstpreset file. I’ve found that there are situations where it could be useful to manually modify individual parameters inside the .vstpreset files. However, doing so in a text editor and saving the changes currently renders a file that is unreadable by Cubase. Have you find any solution for this? Maybe an external app that is able to handle the vstpreset format? Does it really exist?
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open in plugin, modify, save
that´s what I would do
Yes, but there are situations in which you can’t do that. For example: some developers change the VST ID when releasing VST3 versions of their VST2 plugins, so all the presets saved with the VST2 can’t be read by the new VST3 anymore, even when the plugin itself is exactly the same. Or they simply change the VST internal name from version to version. This could be easily fixed by editing the vstpresets in a text editor but, for whatever reason, when you do this and then save the file, Cubase is not able to recognize the edited preset anymore.
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Yes, this is bad coding by developers.
I have several patches I saved in Nexus VST2.
And now I can not load these into VST3 version.
What is the point of MediaBay than? 
I would suggest contacting the plugin developers regarding this issue.