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I had an Adobe assistant and then an English-speaking Adobe technician who took over my computer and was able to solve my "Color Balance" effect disappearance problem.
Here's what to do:
In fact the "Color Balance" effect may still be usable with new Macs with new Apple M2 Max processors and others. If this effect was noted as missing, it is because it can only be used with Intel processors. So you have to go to Adobe Premiere application and click on read info, then
I don't know a colorist who would agree with some of your comments, but I'm sure at least some might. The comment that the color changes it makes are arbitrary ... make me think you simply haven't actually tested it out. It isn't arbitrary, it's totally predictable.
I've a bit of a beef with it as the 'targeted' tonal controls only affect the targeted area a bit more than they do the rest of the scale. So you need to know exactly what each does, and balance say dropping Basic tab Shadow with a slight up-tick on Basic tab Highlights.
But that isn't unusual with color/tonal work. It's similar to making an adjustment to color on any color wheels, Resolve, SpeedGrade, Lumetri ... cool your shadow wheel a touch, you need to warm your mids a bit to keep that from affecting your mids. The difference to me is the targeted controls in Lumetri are a bit less targeted than some others.
The Color Wheels section of the Lumetri panel is pure Lift, Gamma, Gain. I don't have a clue why you'd say they don't have that.
The HSL curves of the Curves tab give options that nothing in Fast or 3Way can touch.
And in the public beta, they've replaced the old Adobe square RGB curves tool with a wide rectangle, just like the other curves in the HSL Curves section. Which I will forever call the rNeil RGB Curve, as ... I've been arguing for that since 2015 also. Vociferously.
They did a streaming presentation on PrPro that happened on the day the public beta with that rectangle RGB curves came out. Francis Crossman saw I was in the chat, and said "Hey Neil, go check out the new beta release curves ... something you want is in there". Charming that.
Now if they'd get to the other 20 things I want in there, I'd really be happy. Offset among them. The ability to move tabs within Lumeti around to control processing order. To copy a TAB of a Lumetri effect and paste into another. And on ... more and more things I can list.
You are correct that there isn't an offset in Lumetri ... I prefer Offset to Lift in many things. Which is part of why I was so ticked when they discontinued SpeedGrade.
But the ability to map various functions of Lumetri together on a control surface makes it a vastly improved workflow over any other color tool in PrPro. I work normally with a full Tangent Elements panel, but have a Ripple for when I'm away from my desktop.
And I've mapped all sorts of other things to the Element ... graphics work, audio, whatnot. Awesome tool.
As to the WB ... the WB tool in the Basic tab is a typical WB tool same as in Resolve or Photoshop or the EOL'd SpeedGrade. White Balance is nearly always actually a white point control.
The Temp control is for setting the relative balance between Red and Blue channels. The Tint control sets the relative balance between the (locked together) Red/Blue channels and the Green channel.
I do use the WB tool but then, I've got my surface mapped so I have access to the Creative tab's Shadow color control. This way the white point is set by the WB control, and if I've a total color cast including shadows I clean that up with the Shadow tint control of the Creative tab ... at the same time. The surface can work with tools of Lumetri no matter which tab is 'active'.
Yes, an Offset for doing color balance work would be awesome. I've argued for that with the engineers at every NAB since 2015, when it was clear SpeedGrade was headed to the archives.
But the Fast is such a limited, slow thing for me compared to Lumetri. Which doesn't slow down my computer at all.