So I’ve attempted to repro the 40 second pause that you’re encountering but ti no avail - when I click Apply to return from the FX Editor to the PP timeline, I have immediate access to the PP sequence. It’s pretty much instantaneous.
One thing that comes to mind is that the issue you’re encountering might be license related. Are you working with a valid license installed for both the host and the plugins or are you working with a trial version? And is this system connected to the internet or is it off the grid?
Also, have you restarted the system recently? Would be interesting to see if this changes the result.
If the delay is still there after a system reboot then the next step is to get a project from you that we can try. And if we still can’t repro with your project and you’re still seeing the delay then it will be time to being in the support group to see if they can help in solving the problem.