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Is your TimeFactor is bypass and just playing through the dry signal? The left footswitch toggles between active and bypass in performance mode. If you're in preset mode, it will load the first preset in the bank instead. You can long press the right footswitch to switch from preset mode to performance mode.
If you wanted to restore your TimeFactor to its factory presets, you turn it off and then turn it on again with the algorithm selector dial and the middle footswitch pressed. Then, you'll have all of the factory settings restored, but you'll lose any presets you might have had saved on the unit.