Transformer beach balls on load/save for 22 seconds on Mac

Cubase 11.0.41
Mac OS Mojave 10.14.6
2013 Mac Pro 12-Core 128GB RAM

This issue has happened for me for at least a year or so.

  1. Create an empty session (also happens on existing)
  2. Create a MIDI track
  3. Create a Transformer as either MIDI Insert or MIDI Send
  4. Load a preset

The preset will appear loaded, but then a moment later (1.5 seconds or a little more) a beachball appears and I have to wait 22 seconds before it lets me do anything. And if I modify and save it, it also takes 22 seconds to save.

The Mac drive is a fast SSD.