Envers might use the stable ValueObject.id as the primary identifier to track changes, completely bypassing the composite key issue with @ElementCollection

@Entity
@Audited
class ValueObject {
    @Id
    @GeneratedValue(strategy = GenerationType.IDENTITY)
    private Long id;
    
    private String propertyA;
    private Integer propertyB;
}

@Entity
@Audited
class ParentEntity {
    @Id
    private Long id;

    @OneToMany(cascade = CascadeType.ALL, orphanRemoval = true)
    @JoinColumn(name = "parent_id")
    @OrderColumn(name = "position")
    private List<ValueObject> values = new ArrayList<>();
}

Changed @Embeddable to @Entity

Added @GeneratedValue

Changed @ElementCollection to @OneToMany