Camera cut warmup does not take into account the shot's camera cut track when rendering from the master sequence. Rendering the shot alone will, however.
The Cut State will never enter "Warmup", and the sequence will only be evaluated within the shot section's range rather than the full range of the camera cut track. Visible animation on the camera or an actor before the start of the section's range can be used to further visualize this.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-162684 in the post.