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About AGC: Are you suggesting that I ignore high frequencies in the AGC? (Or, for example, that I use some ITU-1770 like processing, but opposite, eg. reducing the highs before performing the AGC? As long as there's no side-band equalizer...)
No, That's not smart, That volume drop with very loud highs should be always covered by multiband.
This AGC works better then ever. But, some EQ would be even better (parametric

)
I did not try "only" Loudness in b19 .. this in b20 seem has no problem with loud 'S'.
I am just pointing to pre-emphasis, Hard limit and mostly on Composite Limiter.
Ok, pre-emphasis itself doesn't have any effect on the highs (it just boosts them), but it does make things more difficult for Loudness which must then cope with those louder highs. So that would mean you're still pointing at Loudness...
By 'reducing the highs before the AGC' I meant in the side band

I guess you mean the same thing!
Hard Limit and Composite Limiter should not have too much problems with louder S sounds (their effect is very limited anyway)... I'll check it later.
(Hm... Composite Limiter might have more issues with loud highs if they are also different between the left and right channel... If that's not the case it shouldn't be much harder than any other sound)