I set up a quadstick with your configs and with the bluetooth set up as combo, and default.csv mode 12 worked as a bluetooth mouse, so we know it CAN work.
I then loaded in your iRacing XBox 360 Road and the last mode would not work. It skipped right over it the way you described. WTF?
I looked at the CSV file with Notepad and finally spotted the problem: The keyword "Profile Name" in cell A1 contained an extra space " Profile Name". I deleted the space character and it started working. Somehow in the history of copying these mode sheets around, an extra space crept in there.