I'm not sure where exactly to post this, but as I nearly had a heart attack I figured I would submit a bug report.
I've only had my Helix for about a month now. I hadn't done the firmware update and so was using 3.7.0xxx (whatever subversion it most recently shipped with).
I methodically created a Setlist with all of the songs my band is playing and then created Snapshots of each piece (Intro, Verse, Chorus, etc). It's been a wonderful tool. I have mine configured for 8 switches so that the stomps are on the top and the snapshots are on the bottom. Today I was flipping through all of the FACTORY2 and then FACTORY1 presets. I started with the bottom of FACTORY2 and worked my way up through every one of them.
At some point (changing to one of the presets, albeit I didn't note which one), my snapshots went away and all 8 of the switches became stomp settings. I didn't think much of it and continued iterating through the factory presets.
When I eventually went back to my own setlist, the snapshots still did not appear. All 8 of the switches were stomps.
I went into the Global Settings -> Footswitches and rotated the "Preset Mode Switches" knob. I could see it iterating through the various options, but as I did it, nothing would change on the board. Basically it was permanently stuck on displaying only the stomps.
I power cycled the device to no avail. I unplugged my USB and replugged it back in. I tried various things to fix it, but nothing took.
In the end, I was able to reboot it and then upgrade to the new 3.8.0. Took about 30 minutes in total. The default is to show the presets, but this time when I modified the "Preset Mode Switches", the configuration I prefer took.
I don't know how the data is stored, but seems like it would use jSON or something like that. Whatever the case, it seems that one of the FACTORY presets may have some data in it that allows it to overwrite the "Preset Mode Switches" so that it doesn't matter what one you select, only the stomps will be visible.
We have a show on Friday so it was a bit of a freakout, but the upgrade did fix the problem so it's all good. Just wanted to report it in case it's still a bug in this version.