Just a quick note in case anyone else runs into this...
Opened an old project, no issues, everything except some old vsts popped right up.
Needed to tighten up the bass and for that I use Melodyne now. However, if in your old project you used audio snap on that clip, region fx will not work. If you try to apply region fx there is no No error message, no nothing. Just a-lot of head scratching.
Solution - Select clip, Open up track inspector, open audio snap in track inspector, and if audio snap is checked, un-check it and now you can apply region fx.
Thanls
JR