There's a difference between algorithms and parameters. As explained earlier in this thread.
The latest firmware always runs the latest algorithms. They are implemented through firmware updates. As a user you cannot choose.
The computational result of an algorithm can be manipulated through setting parameters. Like the Treble value in the Amp block. There are also hidden parameters. A preset is a just collection of parameters values.
A reset of an effect, whether soft or hard, does not touch the underlying algorithm, it resets all parameters (incl. hidden ones) to their default values for the specific effect type.
So, if you do a soft reset of the Amp block, but don't save the preset, the preset will still run on the latest algorithm but it will have parameter values that MAY not be optimized for the specific amp type.