2023 with Cubase 13 and I still have this issue, and NOTHING seems to work. Years of saving .vstprests on Falcon, and now I lost access to hundreds of my favorite presets and edits. This happens when you update the plugin or switch to VST3 plugins from VST2. What I find strange is that I can see the presets when you try and save a preset, but they do not show up when trying to load a preset. Mediabay show the presets, but they will not load. I now have zero confidence in saving presets this way anymore, as I don’t want to l keep loosing access to my saves in the future. Will Steinberg EVER fix this issue? Do they even care? VERY UNHAPPY! 
On a happier note, I am LOVING Cubase 13 so far…except for the .vstpreset issue which plagues every Cubase version.
this has nothing to do with cubase, u can’t open vstpresets of vst2 in vst3 or vice versa in any daw. so i make sure all my plugins are vst3 before i start saving presets. for some plugins i still have to stick with the vst2 because of the presets, or i’ll have to open both vst2 and vst3 instances of the plugin for the different presets saved
I reinstalled a VST2 version and still cannot read my VST2-saved .vstpresets saved a couple of years ago. So it’s not just a VST2 and VST3 compatibility thing.
In my case (Cubase 6.5) I had arturia Analog Lab V version 5.5.1 (VST3) till the day before yesterday working fine… with a vstpreset folder, from that I could load and save to. Yesterday I installed Lab V version 5.8.0 and there is nothing more to load. When I save something I see all my vstpresets, but they appear only when saving something. Today I reinstalled version 5.5.1 but that didnt help. - My presets were so good!
I know! I had presets that I made for a project 2 years ago that I needed to revisit this month, but no, Steinberg’s .vstpreset problem reared its ugly head yet again.
STEINBERG- DO YOU HAVE ANYTHING TO SAY ABOUT THIS??? Again, I’m happy with everything else Cubase (been using Cubase since it first came out for my Atari ST around 1989/90), but c’mon Steiny, PLEASE FIX THIS!
Come on Steinberg. I bought your Pro Five way back when. Pleeeease.