Cubase 9.5 changed the settings in the HW panel

The only difference I see is where the DAW input is taken from (i.e. before or after the DSP effects). Are you familiar with the way to change that? Place your mouse over the little vertical oval shaped thing with the dot inside of it which comes off of the line on the right side of the hardware signal chain and move the mouse wheel. You will see the three different options for configuring the effects chain. If that is not what you are talking about then I don’t see it.
The three options are… Have the DSP effects off… Have them on for monitoring but a clean signal goes to the DAW… Have them on for monitoring AND the processed signal goes to the DAW.
HTH