Just to confirm, you have v1.0.7 of Ultra Essentials Bundle installed? This sounds similar to a general issue we had with our plugins on Windows a few versions back. I'd like to rule that possibility out.
Also, please let us know which OS you are using, and the sample rate and buffer size.
We've tried to reproduce on our end, and found the following in Cakewalk: Any plugin used (not just Eventide) was glitchy, but Cakewalk didn't crash. The glitches seemed to occur any time a plugin's input was clipped. This wasn't a 'noise glitch' per se, but the track would get louder and then instantaneously return to a normal level. So, not the same as you were seeing, but still fishy behavior.
I will also reach out to our contact at Bandlab about this.