The poster in the German forum had the same problem with the discount code.
Wavelab 9.5 tot - Auf Deutsch / WaveLab - Steinberg Forums
I guess you’re right, but it doesn’t really make sense if Wavelab 9.5 has shown no ill effect from 20H2, which as far as I know is the case. Wavelab 9.5 doesn’t have the browse crash problem like 9.0 and 9.1, as stated in the Steinberg document, and I’ve had no problems at all with Wavelab 9.5 in Win 20H2.
I’d be interested to hear from Steinberg about any confirmed compatibility problems with Wavelab 9.5 and Win 20H2, because I’ve seen no mention of anything like that, except the German forum poster startup problem (a whole different issue), which has gotten no response, question, or explanation. I would suspect it might be elicenser related but it’s impossible to know without further discussion.