I've experimented with this a bit. PT seems to work fine for me. That is - the hard buttons work fine from Favs screen. BUT, my screen favorites icons used to point to Favs page hard buttons. Those no longer work. They used to. But do not anymore. Pointing onscreen macros to device page buttons (that have IR assigned) works fine.

I don't know if I would even consider it a bug. Technically these buttons don't have anything associated with them. I guess they've changed PT behavior. The flexibility was convenient but it's not the end of the world.