I have recently started using VEP7 again (locally on the Cubase machine) and am having issues with the meters on the VEP track channel as well as the Stereo Out channel becoming frozen full on (meter pegged with clip indicator lit). This is also reflected in the output meter in the lower status bar. The Control Room meters are NOT affected. Nothing resets them short of quitting Cubase.
iMac Pro, Catalina 10.15.7, Cubase Pro 10.5, VEP7
After some further experimentation, it appears (so far) that this only occurs with the VST3 version of VEP7, not the VST2 version.