I am using the dev version of the module and Drupal 8.6.1 The new version syn...

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I am using the dev version of the module and Drupal 8.6.1 The new version sync is working fine for me. The new version of the asset is downloaded as a new file entity in Drupal, and the media entity is updated with the new file entity id.

Have you checked the assert refresh via cron interval setting? In my case it is configured to refresh in every cron run. And also make sure that the media entity you are talking about is actually refreshed via cron - meaning the it is pushed to the queue, and if there are lots of media entities, then it might take a while to see the updated file.

select * from queue where name='media_acquiadam_asset_refresh'\G

This will list the existing items in the refresh queue.

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