I just experimented with the Pedal Pitch Shift effect and noticed that using Freeze Formants sounds terrible. This function was changed in 5.3 fw. The formants shift parameter has been removed.
Here is a sound example using 4.0.6 fw with freeze formants enabled and different formants shift values:
External Content
soundcloud.com
Content embedded from external sources will not be displayed without your consent.
Through the activation of external content, you agree that personal data may be transferred to third party platforms. We have provided more information on this in our privacy policy.
And here is example created with 7.1.2 fw . It souds choppy 
Any idea what is wrong?
External Content
soundcloud.com
Content embedded from external sources will not be displayed without your consent.
Through the activation of external content, you agree that personal data may be transferred to third party platforms. We have provided more information on this in our privacy policy.