I bought Cubase Artist 11 just a couple of days ago since I got sick of all issues with Pro Tools.
All plugins work except for Waves. I own the CLA Classic Compressor bundle v7 and paid Waves $42 to upgrade to the latest version (12).
The plugins are recognized by Cubase but when inserting any of them absolutely nothing happens.
I had the November 11, 2020 release on purchase and had the same issue there.
This is so disappointing, and wasted money. I have of course registered a support ticket with Waves as well, but I assume it will just be a big blame game from both sides.
I actually got a really quick answer from Waves and it turned out it was the C++ Redist 2015-2019 that was the culprit. Uninstalled them and then installed the ones provided by Waves:
C:\Program Files\Waves Central\resources\res\external\Redistributables
In case anyone else has the same issue.