I reported this bug some time ago. The phaser effect doesn’t work well if no cabinet is selected.
Please confirm:
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Create an empty project.
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Create an instrument or audio track and put put the VST Rack Amp plugin as an insert effect.
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Insert the phaser pedal in and turn it on. Tweak the rate knob, it should work fine.
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Now in the cabinet selection choose “No Cabinet”.
Result: The effect then will not work as intended, the LFO rate is extremely fast. If you select a cabinet again it will work.
Cheers