We've identified the issue and it will be resolved shortly. If you move or edit a block that doesn't exist in the preset to which you switched it will crash the Axe-Fx. For example, if you edit the chorus block and then switch to a preset that doesn't have a chorus it will crash. This is because the editor is trying to edit the chorus block still but there's nothing to edit.
I had it crash on me twice while moving presets in Axe-Manage Presets. I was not editing anything during that session, simply moving presets around. It hung twice on me and both times I had to kill Axe-Edit and reboot the Axe-Fx II.
Did change presets with the up or down arrow in Axe Edit?