Yeah, this has been my experience. Inconsistent behavior aside, the problem I'm running into (as are others) is when I have a parameter tied to an external modifier that should default to 0%, but is disconnected and therefore defaulting to 100%. Always-on whammy is one example.From the manual, "PC Reset sets the value for an external source when a preset first loads. This allows you to override the actual position of an external controller until it is moved or updated." In other words, when ON, if you have an external modifier assigned, when you load a preset it will ignore the modifier and load the preset value. The modifier only kicks in when it is changed/moved. EXCEPT ON STARTUP. The default startup preset would not override the position of the modifier. While not technically a bug (the feature requires a preset change), most folks (myself included) felt that it was inconsistent and the PC Reset setting should apply to loading of the startup preset as well.
All that being said, this behavior appears to be mirrored in the Axe-Fx III, so I imagine it's a conscious design choice. Bummer too, because it makes this otherwise cool feature somewhat less useful... unless resorting to weird tricks to get around it, i.e. changing presets to activate PC Reset.