effulgent
Inspired
I can confirm this behavior.
Mac Pro: 10.13.3
Axe-Fx III: Ares Ver 1.04
Went to empty preset slot 400.
Created a preset (Input 1>Drive 1>Amp 1>Cab 1>Delay 1>Out 1)
Nav over to Amp block and hit Edit.
Encoder wheel will change the title for one value up or down from the current location.
Nav buttons will change the title for one push in any direction from the current location on the list.
Neither moves the cursor on the actual screen to show where you moved to on the list.
followed the exact procedure you enumerated and it functions flawlessly on my end. Firmware 1.04
also using MacOS 10.13.3 on a november 2016 touchbar macbook pro 15" -- but don't think that's relevant