Cover Art on iCloud Missing in Finder

What did you try to remove ID3v1 tags and which tag version do you write to the files at all?

See the documentation on tag types:

To remove all tag type that are not ID3V2: tick remove for all except ID3V2.
Then select the files and apply "Cut tag".
To save only ID3V2: set write only for ID3V2.

How did you try to save ALBUMARTIST? if you do not have the field in the tag panel and/or the file list, then you can at least add data for it via the extended tags dialogue.