I have particular presets for groups vocals and instruments.  They have several projects and as I go through the process I make changes to those presets.  My thought was that if I opened a previous project it would open up the most current corresponding Pro-Channel preset.
This is apparently not true.  It appears that the Pro-Channel presets are only read when you first load them manually.  Then how ever they are set are saved as part of the project.
Am I correct on this....?
 
tia
meh

Yes, you are correct, the latest saved preset doesn't load, the one saved at the time of the project save loads.
This can be both a good thing and a pita. It can be a good thing when you accidentally overwrite a preset. I've done that in the past and to recover it, I opened a project that used the old version and re-saved it.

im a bit confused here,
Are you saying if you load a PC preset, then make adjustments to that preset (example move EQ knobs).
Save the project. Then the next time you open that project.. it will default to the original PC preset and not the one you made changes to ?