First, open the MediaBay (F5) and refresh it. Search for a preset called Halftime Trap Modulation 1 and drag and drop it into your project, then check if FX Modulator sees the presets now.
If you can’t find this preset or if FX Modulator still shows no presets, quit Cubase, then go to %appdata%\Steinberg\Cubase 12_64 , delete the mediabay3.db file to force a complete rescan.
The presets for the stock effects are by default stored in C:\Program Files\Steinberg\Cubase 12\VST Sound and are always installed with Cubase.
In that case I would recommend uninstalling Cubase completely, then go to the %appdata%\Steinberg\Cubase 12_64 folder and make sure that mediabay3.db and scannedFolders3.bin are deleted.
Once this is done, go to the folder where the Steinberg Download Manager downloaded the Cubase installer to, extract the contents of the .zip file (for example Cubase_12.0.30_Installer_win.zip) to a folder, then install from Setup.exe as administrator.
You can find the installer easily by clicking the arrow next to “Install again”:
I copied them across, but still had the same issue.
I’m going to save the factory presets as user presets, as and when I need them. It’ll take some time to do them all, but as / when I’ve copied the whole lot, I’ll share them all.