No they don't. The free version is an independent app. Any purchases from the free version remain in the free version only.
Oh bummer, I've been making purchases from within the free version and considering the upgrade, guess I'll not do that now.
(this is actually too bad, as I really like the software and I'd probably continue to drop some coin on it but I'm not doing it twice.)

why not bug PG with a request to make the master output programmable to a preset