Enhanced voice memo recordings not exported as enhanced! (magic wand effect)

Hi

When I edit my voice recording in the Voice Memos app, I press the magic wand symbol in the top right corner to apply the smart auto-enhancement effect. It works when I replay the recording in the app. However, as soon as I export the recording (I have tried both saving it to My files, sending it through Gmail, or sharing it directly to iMovie), the enhancement effect disappears! And I am left with the same messy noisy recording as before I applied the Magic Wand enhancement effect.

Reading around, it is clear that I am doing everything right and that the voice memos should automatically be shared with the enhancement effect applied if I export them while the magic wand effect is highlighted (and I've pressed 'done'). This is clearly a bug that needs to be fixed. What should I do to export my enhanced recordings to other programs such as iMovie?

I am working on the newest iPad Pro 2021, and I have set my recording setting to 'lossless' in the settings for the app.