The option to set the default term for new posts is not available when you use the WP function register_post_type() which the plugin MB Custom Post Type does the same.
The field taxonomy set the post terms so you can use it to set a default value (term) after saving the post.
Going back to my original question: The free CPT UI has an option to set the default custom taxonomy term for new posts. Is this missing from the paid Meta Box?
The answer is yes, the paid Meta Box does not have this feature that is in the free CPT UI.
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