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Yes, I had it happen. I don’t think it’s a bug.

It’s an incorrect FX assignment. In my case it was caused by trying to return the FX to an aux or something (I forget exactly what). The FX strip needed to go to it’s return rather than where it was pointed. When the FX config was corrected the strip returned to visibility.
The disappearance was the board’s way of not approving the config.

Best of Luck

The surest way to windup with nothing is to wait for everything. On the other hand, the 2nd mouse always gets the cheese.