Slow program changes with VST3 in Ableton Live

In Ableton Live (both Windows and macOS), when using VST3 instruments, program changes are slower than expected. This seems to be the case for most VST3 plug-ins. The slowness appears to be more noticeable for plug-ins with large numbers of automatable parameters, including modwave native. On macOS, we suggest using the AU version of modwave native as a workaround. Ableton is aware of this issue.