I, too, am experiencing Axe-edit timeout messages since the latest update. However. I have not had the unit freeze. Restarting Mac seems only fix.
AxFX II mark II , Mac OS 10.11.5, 2013 MacPro all latest FAS fW and SWI often have other USB audio devices attached (helix, Iconnect midi) but disconnected all but Ax and get same results.
I don't think these lockups and lags have anything to do with the AXE or AE. Otherwise we would all be experiencing this issue.
The unfortunate dilemma is we all use different computers and laptops with different operating systems, memory speed and size, USB versions and cables, and processor speed.
I'm using a mini laptop with Windows 10 Pro, 8gb RAM, I7 Quad 3.1 GHZ. I experience very little lag and never have a problem connecting or disconnecting to AE, except, I do have a problem sometimes, when AE is already running and I turn on the AXE, it does not connect. But that is actually a common issue with USB connections.
Let me ask a question to all who are having this issue. What is your PC configuration and what OP SYS are your running, Windows (what version or IOS (what version).
I know there may be more overhead in the newest firmware. And I also know high memory usage can make a difference. But so many other factors can cause lagging and lockups.
Also, has any, who are experiencing this issue, backed up presets and performed a factory reset and/or a firmware re-install, to see if it stops locking up? We're dealing with a computer in a sense. So if there is firmware or software corruption, errors and lockups can happen.
Also check and see if the AXE is running hot. Most of the time a computer will lock up with no error, if it is overheating.