Issue in Standalone Mode with Only One Preset
I have found what I think is an issue with setting up 1 preset in standalone mode: remove all existing presets in standalone mode and start with a new blank preset. Set up one of each action (not sure you need one of each but that is the test I did) and assign a CC control to each. Give it a name - I called it General (which suddenly makes me wonder if this is a reserved word or not - I will test with other names but I doubt it matters). You have 2 options for the preset behaviour: activate on preset selection, or only activate when the Activate button is pressed. To test this, disconnect from the software in standalone mode and connect to your bluetooth device or software.
What I found is that when the activate on preset selection is set, the Wave remains on all the time but you cannot deactivate it with the Activate button or with any of the other buttons. On the other hand, if you save the preset with the option to only activate when the Activate button is pressed, it won't activate at all no matter what buttons are pressed. It does send an on / off midi message to the receiving device however.
The strange thing is that if you re-connect to the Softwave software and reset the standalone presets with the default (which includes one of each action) the Wave subsequently works as expected.