Start small, don't boil the ocean. Don't take a literal approach to how your rig sounds. I would start by playing with the USA Clean or Double Verb if you want fender sound. Here's some numbered approaches:
1. Start with a blank preset (Initialize Preset): AMP: Double Verb < stock settings | CAB: 2x12 Double Verb type Ultra HiRes -> signal chain all the way through | Are you using AX8-Edit or the panel? DON'T TOUCH THE EQ OR ADVANCED PARAMETERS. Out of the box the double verb amp and double verb cab 2x12 should sound like a Fender with your Yamaha reference monitors.
2. Once the tone of the FRFR reference sounds like a Fender Twin Reverb FIRST, then add a DRIVE: Super OD Drive 2 Tone 4
3. Ultra HiRes cabs all the way the ones in italics (in AX8-Edit) are UR. Try a bunch of combinations
4. Question: Have you tried studio monitors? The FRFR speaker can't fix the perceptive sonic integrity of your signal. I WOULD do a factory reset of the AX8 and try cleaning the presets. Follow up question: do the factory presets sound like mud also? That is an indication that something could be
off. It really comes down to sonically distinguishing a recorded tone and a live tone (amp in the room feel). Just a different approach and difference in feel to a degree.
Hope that helps some mate,
@Moke had some good points as well to follow up on.