ID 540165 - Effects of the Soft Lag Deformer are not applied to the selected mesh

Problem summary
Effects of the Soft Lag Deformer are not applied to the selected mesh.
 
Customer reported version
Modo 16.1v2
 
Customer reported platform
Windows 10
 
Steps to reproduce
1) Download the attached file and open it in Modo.

2) Navigate to Layout > Setup, then on the Timeline press the Play button.

3) Observe how the mesh does not bounce.
 
Expected behavior
The animated mesh should deform based on the Soft Lag Deformer.
 
Actual behavior
The animated mesh does not deform based on the Soft Lag Deformer.
 
Workaround
Unknown.
 
Reproduced by support
Modo 16.1v2 - Windows 11, macOS 12.6 Monterey
Modo 15.1v1 - Windows 11, macOS 12.6 Monterey - regression
 
Unable to reproduce bug in:
15.0v3 - Windows 11, macOS 12.6 Monterey
 
Earliest version tested
Modo 15.0v3 - This issue doesn't appear in this version and has regressed.