^R = "Turns command versioning on or off. Command versioning is required for some commands to ensure the
command macro written in an older release works properly in the latest release."
I can confirm that setting "Layer" in tool palettes properties does not work. "Linetype" works, but not "Layer". I don't use this palette but looks like a bug to me. You'll have to set layer in the macro.
Regarding arc length...
System Variables [starting AutoCAD 2021 using command version 3 (initcommandversion 3)]:
REVCLOUDAPPROXARCLEN - variable controlling arc length, adds arc length property to cloud entity as extended data (xdata)
REVCLOUDARCVARIANCE - 0-OFF, 1-ON (OFF results in uniform arc lengths)
Try macro below:
^C^C^P(initcommandversion 3)(setvar "revcloudapproxarclen" (* (getvar "dimscale") 0.2))(setvar "revcloudarcvariance" 0)(setvar "clayer" "Revisions")(princ) ^P_revcloud _R
The above assumes layer "Revisions" is already defined in the drawing. If you would like to have layer created on-the-fly, other than by executing "Layer" command within macro, add lisp function below to a startup file (acaddoc.lsp or <menu>.mnl) and replace (setvar "clayer" "Revisions") in macro with (mklyr "Revisions" 7 nil T).
(vl-load-com)
;; Args: nam <layer name>, clr <color>, ltp <linetype, nil="Continuous">, cur <set as current>
(defun mklyr ( nam clr ltp cur )
(or (not ltp)(tblsearch "ltype" ltp)
(vla-load
(vla-get-Linetypes
(vla-get-activedocument
(vlax-get-acad-object)))
ltp "acad.lin"
)
)
(or (tblsearch "layer" nam)
(entmake
(list
'(0 . "LAYER")'(100 . "AcDbSymbolTableRecord")'(100 . "AcDbLayerTableRecord")'(70 . 0)
(cons 2 nam) (cons 62 clr) (cons 6 (cond (ltp)("Continuous")))
)
)
)
(if cur (setvar "clayer" nam))
(princ)
)
Finally, ^R is not needed here. And if you ever adopt annotative scale you'll want to replace (getvar "dimscale") with (/ 1.0 (getvar "cannoscalevalue")).