Hi Ed,
I played with ACR in PS CC. See the attached screenshot. I used a DualISO DNG as the subject DNG. I dragged it onto the PS CC icon to launch the ACR dialog. I set it up to the same preferences you describe above.
I click on the flyout menu at the upper right of the ACR controls panel (the arrow in the attached figure).
This flyout gives you options that seem like they should be pretty obvious. However, as the handy icons indicate, the "Export Settings to XMP" option did nothing I could see. There are no "..." after the menu item, meaning, you should not expect a dialog of some sort once you invoke this option (like a file browser where you can name and save the XMP).
The green check mark indicates "success" for me - "Save Settings ..." brings up a dialog window with the default filename of "<filename>.XMP". I saved this next to the DNG. At least it generated a XMP file.
When I open the image again in ACR the image loads according to the corrections I made prior to saving the DNG. It appears this is due to the XMP sitting next to the DNG being read automatically. For example, I made some edits, did a "Save Settings..." to an XMP next to the DNG. I then opened the DNG in a text editor and typed in changes to some values (changed Saturation to -100 for example, something easy to see if it is read correctly). The next time I opened the DNG in ACR, the image settings in the altered XMP were indeed applied. You can force the XMP settings using "Load Settings..." and navigating to the XMP you just saved.
It seems like there is a bug or the controls are not very intuitive or we are missing some information as to where the "Export Settings to XMP" actually saves something.
Interestingly, if I "Save Settings..." and save the XMP next to the DNG and then open the DNG again and do a "Export Settings to XMP", the XMP that resulted from the "Save Settings" operation gets erased! I thought that, once I "Save Settings" to and XMP, the Export Settings to XMP would "see" the existing XMP and just overwrite it with the new settings.
weird. I should probably read the manual to see if I am using these controls correctly. Probably not!
Hope you are able to follow my rambling.
Kirk

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