Update : 5.0.608834

Not lost as such, but perhaps turned off? My saved custom PEQ entries survived ok.
 
No problem here with update to 5.0.608834 or 5.0.609560.

Custom EQ settings are still there and my default setting is still active.
 
I didn’t save the settings. The EQ was still turned on after the update, but all the filters were reset. Strange.
So, in your case the default EQ setting has been reset? That doesn't sound too strange to me, could well be the case.
 
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