MIDI not following Save-As

Cubase 12.5 pro
2021 Macbook Pro M1
Monterey 12.4
I open a session from/on an old drive.
All works perfect.
I “save as” to another drive, audio works great, midi images show up but no meat behind the potatoes; just images, no fader display, in play.
I’ve been away for a while 6.0. Am I not saving the session or…

The terminology is a bit misleading, at least in English.

Save As… is really designed to save variants of a Project in the same location as the original. Using it, for example, doesn’t move the Pool. So the new Project’s Audio Files will still be in the old location.

What you want to use is Backup Project… which isn’t like a backup you’d make for a computer. Rather it makes a complete copy of the Project, including all its external elements, in the new location.