Hi @sauron - as it happens I was working with transitions using transparent clips yesterday*. I found the same problem, but came up with the solution. For them to work you have to have them on V2 with a clip underneath on V1. Otherwise, no, they don’t work.
I’m thinking they work in a similar way to mask filters, which also require a clip on the track below.
*my new tutorial will be on applying transitions to text clips with a transparent clip to create cool text effects. Should be out soon…
[EDIT - the screenshot is not as a demonstration for you, @sauron, you are well experienced, I uploaded it for the benefit of other less experienced users who may be reading this thread ]
Easily done, even for a seasoned pro like yourself!! Spooky how I was just experimenting with this yesterday - like you read my mind… I was baffled by it for quite a while.