Your note about MICROSOFT & AVI cranked-up the wattage to my dim-bulb brain.
So I went to Sequence>Sequence Settings>Playback Settings and UN-CHECKED “Disable video output when in the background.”, and the rendered preview magically appeared in the monitor with all effects in tact. No other changes at all.
From this I infer that the problem has something to do with the various layers in use (for the entire screen) to display the multitude of screen elements – icons, buttons, windows, and such; and that the playback monitor is, in screen-driver terms, rendered to a background layer.
In any event, I’ve done no further testing so YMMV. But we do have another entry in the hair-loss prevention file.
~Find Your Center~
Metaphysics applied while you wait.