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In my test version. The watercolor effect creates something completely different as described. For example the effect 2 turns into e B&W really raw image. There is no sign of nice watrcolor picture as you would expect.
You have to complete the process by adding the Watercolor Paper and Canvas Texture, however it does seem Effect 1 gives the more traditional watercolor effect.
There is also Filter>Artistic>Watercolor in Expert mode.