No. You're not crazy. It's happened to me twice. It had written the sine wave on recording but once I was done, the wave dissappeared. The clip is still there, the recording is still there but the wave is blank. I have no workaround for it (harder to edit a clip when the wave is not there) but I managed it the old fashioned way, just listen.
I should say this has only happened two times. There is no way to repeat it consistently. It's probably just a small glitch. I noticed the update will deal with a similar issue to wave64 files. I wonder if that issue is related and will possibly fix this glitch.
Otherwise, I'm very happy to report a good workable recording environment for SONAR 8.5.1. I had trouble importing some wav files from an important ProTools project with previous versions of SONAR but 8.5.1 took it with ease. I can now remix this song for inclusion on the new release. This is all still working with Win XP SP3.