This is an old bug, it exists both on Resolve 16 & 17
Normalizing a few clips works most of the time as expected.
If I want to normalize many and long overall clips (for example 120 clips, 5 hour long overall), normalize only works after many tries.
Here is an example GIF demonstrating the problem, I have to click normalize 12 times:
The timeline is 1 hour long with 67 clips, all waveforms are generated, I checked also the task manager and there is no hard disk activity from Resolve.
