Yes, this is a serious bug I think, let’s hope it’s corrected in the next release!! It applies to any ARA extension not just Melodyne. Seems that it reverts to an unedited ARA version, yes, all edits lost/gone and when you open it then the extension is reapplied or reanalysed. Very inconvenient for me as well.
This happened AGAIN on a project I’m in the middle of with a deadline. I DIDN’T even set it to another track version. I was comping, using Melodyne to tune and fix, and then recorded more tracks and comped them in C12. Never went to another version of the Melodyne ARA track. When I exported, the work I had done on the ARA Melodyne track was GONE!. Luckily, I’ve been burned before so I keep multiple incremental project versions and was able to go back to a previous project version and export the track.
Steinberg, if you’re going to add a feature, make sure it works along side your other features (over 2 years later).