Is my RME broken?

When I tweak the LFO rate knob basically nothing happens - the display does not show a memory/current display and the patch sound is not changed. Is this normal?

I do notice that the LFO rate at power on time will be set to the setting on the knob.

This is brand new RME :frowning:

If this only happens for this one knob only and on all presets, it is very likely, that your RME is broken.
But it is worth to unplug ALL cables except the mains and try again. If the display then shows a change, then the fault is somewhere else.