Hi Martin
Yes, you can execute the preset with a key command, you cannot however open the preset in the editor like was possible before via the dropdown. The only way to do this now is via the setup menu item, in this scenario you have to choose setup & type in the preset name to load it, adding 2 unnecessary and difficult to automate steps.
I have several macros that need to open the preset first, and then update variable fields, this is no longer straightforward.
Here is another user with the same issue: Project & Midi Logical Editor access changes in V12 - why?! - #2 by fese