See this entry from @Ed_Doll of Steinberg in another thread:
The good news is Steinberg is actively investigating this issue. Hopefully that means it will be addressed in the next maintenance release.
In the meantime, I have at least found that the workaround does the trick, at least to the degree my system can hold up in general (including in Cubase 12 and earlier – my system is one I built in 2014, so not a modern CPU at this point).