Apparently this is a Studio One and Win 7 issue only.
 
I got some instructions from Waves on how to fix but it did not work.  I have told them so and will wait to see what to do next.
 
 

Thanks for posting that problem.  I was about to run the upgrade, but since my SOC is working perfectly right now I'll hold off.

Jeff Evans
Apparently this is a Studio One and Win 7 issue only.
 
I got some instructions from Waves on how to fix but it did not work.  I have told them so and will wait to see what to do next.
 

I have not heard back from Waves yet.  I am running this on Windows 10.
 
I have reproduced the bug in three DAWs, including Studio One, Sonar, and Tracktion Waveform.  If there was a way to roll the plugin back to the previous version, I would do that.

That is interesting. Especially being on Win 10. Make sure you let them know about Win 10 and the other DAW's too.  They said it was a Win 7, Studio One issue only.  I have alerted them already about your situation as well on multiple DAW's and Win 10. 
 
I suggested rolling back myself.  They either want to take control of my computer (which I am not keen to do) or phone me and take me through some steps I guess.  I will probably go with the latter. 
 
I am upgrading to Win 10 myself but not immediately.  And I have a rather large mix session coming up and I was keen to use it too. Looks like not.  Win 10 by the sound of it may not be the answer either.  
 
I am hoping they will sort it and re issue the update.

I fired up Waves Central today to see if any further updates have been released, but nothing yet.
 
Both the VST & VST3 plugin versions have the same issue.
 
I wiped Waves completely off my computer and reinstalled, but nothing improved.  Abbey Road plates still works fine, but it was not updated yesterday.
 
I wonder if they are testing this on Windows, or how it ever got past their QA team?  Maybe next time I see a Waves update I will just wait a bit, LOL!  This is a downside to using a product that requires a dedicated downloader/installer, with no control over older versions...
 
As far as Win 10 goes, I would proceed slowly if you must stay productive. Maybe install it side by side on a secondary workstation until you get fully up and running.  That way you will have an immediate fall back if needed.

I had the same results in Samplitude.  Put it on a channel and lost
all output...not a S1 only problem...

I think its bigger than Win 7 and Studio One.  I am hoping they will sort and issue an new update.

You can add Reaper and Ableton Live to the list...
 
Reaper is unique with this particular Waves SOC bug, in that it blocks all audio via the insert until the effect is bypassed.
 
With the other DAWs tested, it appears to be stuck in bypass mode.  No effect at all.

I thought there was something wrong with My Scheps!  I hope they fix this soon!
I love this plug in

So, attempting to fix this, I did a "Repair" installation...
didn't help.  No audio until you hit bypass...not good Waves,
not good