Your DAW remembers a previous, broken state of the plugin and refuses to look for the updated file.
Behavior & purpose
The Waveshell1-vst3 14.0-x64.vst3 file is the backbone of Waves V14 plugin functionality on Windows. Understanding that it is a central "shell" helps in managing your plugin library and fixing issues quickly. By keeping your installation updated via Waves Central and ensuring your DAW scans the correct VST3 paths, you can maintain a stable, efficient mixing environment. Vst Plugin Waveshell1-vst3 14.0-x64 -vst3-