The PWM Speed and PWM Amount parameters for both synth lines are not modulated in the Modulation section in all presets.
It's not working for the "New Preset"/ "Default" preset.
A Factory preset example where it does'nt work is "Dungeons" where Function 1 is set to modulate VC0 1 - PWM speed with full amount and ditto Function 2 for VCO 2 - PWM Speed, but no modulation at all except what's set in the main GUI panel.
Basicly this preset does'nt sound like it programmed because of this.
But the modulations do work in a factory preset like the CS80 PWM Pad, if modulations for PWM Speed and/ or PWM Amount is applied.
So it's not a generel issue. But it's a problem, if you work on a preset, and want this modulations, but it does'nt work in that preset.