Hi there @romesvonwolf
Thanks for the video & detailed explanation on this
Looks like something to do with ANA 2 and not Ableton's Live 10 to me. I've tried the same thing with Serum and I was able to preview audio for the saved .alc file and it played back fine without any extra needed step after dropping back the .alc file onto Live 10.
Did some other testings with other ANA 2 Factory Presets ( used the JX-8 Saw Pad for example ) and curiously it all worked fine, both preview enabled and playback after dropping back the .alc file onto Live.
Also, you're having the issue on Windows, I tested it on MacOS so far and had the same behavior, so it's not OS related either.
I have also tried to save the complete Live channel with ANA 2 ( resulting in a .als file for Ableton ) and also had no preview and needed to go forward/backward the saved preset in order to enable playback again using the same "Just a thing" Preset.
BTW the fastest way to enable playback again is to use the Forward/Backward arrows in the Preset name window on ANA 2's GUI, no need to browse through presets & load it again.
Don't have any asterix/star next to the preset name in my case.
For S.A team : @phil_johnston : that one is kind of odd, could it be something Presets related ?? I also tried to use the "Save As" feature from ANA 2 and renamed/saved this "Just a Thing" preset under the User Presets but it still won't work, no audio preview and instant playback inside Live 10.