Proccess to replicate the issue:
1.- Create a VSTi track with a multi-output instrument (for example, Superior Drummer, but it can be any other). Activate 3 outputs
2.- Program an arrangement (in our example, kick drum, snare, hi hat and crash)
3.- Route kick drum to output 1 in the VSTi
4.- Route snare to output 2 in the VSTi
5.- Route the rest of sounds to output 3 in the VSTi
6.- Insert a compressor in output 1
7.- Insert an equalizer in output 2 with a low pass filter at 1Khz
8.- Automate the threshold and ratio in output 1 (kick drum)
9.- Automate the low pass filter equalizer frequency to 20Khz
10.- Automate the volume of output 3
11.- Select the event with the arrangement
12.- Click Edit->Render in place - > Render settings
13.- Select the first option “Dry (Transfer Channel Settings)”
14.- Click “Render” button
15.- Cubase will generate 3 audio tracks with the audio and the original inserts BUT WITHOUT the right automation lanes.
If you try to do the same with a one-output-VSTi it works well: the automation lanes are copied to the new audio track.
My system is Cubase 10.5.30 in macOS 10.14.6.