This document applies to Avid Studio and Studio 16.
This is normal. By design, the Corrections Editor does not show added effects. Since the Snapshot tool is a Correction tool, it will not include any other effects that you might have added. As a workaround, you could export the video with the effect added as a video file. Then you could import that new file and take a snapshot with the effect added.
Snapshot of a video with an effect added does not include the added effect
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