In lightroom 11.5 (on mac os catalina 15.7) when i export an image, i select watermark in the export window, then choose 'edit watermark' and then i can select my different watermarks to see which one fits best. In 11.5 whenever i choose a different watermark, it changes to 'edited' and i have to save it with a new name in order to select it. In 11.4.1 and earlier versions, i could select one of my watermark presets that i wanted and click 'done' and that watermark would be applied.
The workaround is to see what watermark fits the image best, then cancel (for i do not want to save a watermark preset that i have and that i have not made any changes to), then choose cancel, and then in the export window, scroll to the watermark i want in the watermark drop down window.
Updates to Adobe Photography Products were released today and contain a fix for this issue. Please refresh your Adobe Creative Cloud App ([Ctrl/Cmd]+[Alt/Opt]+[ R ]) and download the updated version “.0”.