First:
Athing i also noticed is, that the preset "Bellupo 2" is not a sequence, but as you say, you can set the sequencer to be trigger yourself.
The sequencers "Next" parameters have no values in that preset. You can see it in the image you have attached. This causes the sequencer to stall. Set a value for all the "Next parameters and then it work.
I would say it's a fault there are no values.
About the LFO, then it's a know issue, that the light is not working. It has been reported. I don't know if Arturia will fix it. They say it's there but very weak. But i can't see it.
Then:
I tried to find the preset "Bellupo 2" that you mention.
But i did'nt have any sound on it. There was no apparant reasons why. And then i found out that the 2 previous presets "Belllupo" and "Bells Bend" did'nt have sound either while some other presets did.
Then i closed the application and opened Modular V2 to see if i could find the presets there. I found some Bells by M.lupo that worked. I believe also the ones renamed for V3. Then i re-opened Modular V3, and then suddenly the 3 mentioned presets all had sound, and worked.
This show there are something that is unstable.
I have exsperienced presets without sound before.
There can be different reasons for such random behaviors i can imagine.
The one that come to my mind is the initialisation of the parameter values is unstable.
I do agrea odd things sometimes happens.
This unstabilty is no good. It's not reliable to use. Need to be done better.