NewBlue has just released a patch to fix the issue of watermarking in NewBlue Video Essential II for Pinnacle Studio 20 Ultimate.

The patch can be downloaded here : click me .

Apply it and effects are no longer watermarked during editing and export. But effects thumbnails are still watermarked. To remove it, a Refresh of library in Organize mode with this button is required :

Thanks to my team mate IngolfZ in Pinnacle's forum for the info.