FCPX Multicam Audio Effect not being heard in Timeline

I have a limiter applied to an audio-only clip in my Mutlicam clip. It works as should (in the Multicam view): capping the ear-blowing levels out.

When I'm editing in the timeline, however - that limiter effect is not in place, is not heard, and ears are blown. Audio is set in timeline to be the audio from the multicam.

I have removed the effect & reapplied it to no avail. I have trashed preferences to no avail. I have removed the effect and applied a 'telephone voice' filter and (of course) that one does in fact carry over to the timeline. But not the one I actually need.

Pics show the view with tame levels and the limiter applied in multicam view and the timeline view of the same audio (that has the limiter applied on in the multicam view) but with the horrid yellow/red peaks of audio Armageddon - the effect does not carry over.

Any thoughts welcomed.

-Ryan

GOOD in multicam view...

Multicam levels being affected by the Limiter as intended:

BAD in timeline:

Timeline not being affected by limiter effect applied in multicam view: