That shows that the exposure module was activated at some time after the input color profile module was activated. However, this does not indicate the order in which the modules are applied in the pixel pipe processing. The pixel pipe processing order is shown in the right-hand panel, and there you will see that the exposure module is indeed applied before the input color profile.
Right you are and I know this stuff. :-{ That beer I had a little while ago must have muddled my thinking. Can I delete this thread? Feeling very sheepish…