Export Selected Events in Cubase 12 not *only* including selected events

I’m not sure if this is a misunderstanding on the new Cubase 12 Export Selected Events feature on my part, if there is a bug, or if I’m doing something wrong. For context, I’ve attached a screenshot that shows what I’ve got selected and the Export Selected Events dialog box.

My intention is to select all the background vocal tracks to have them submixed to a single audio file, which I can then import into the project to save on mix processing since I will not change the individual background vocal track settings at this point. This will allow me to freeze the processing that I now have on a BGV Submix group track once I am satisfied with that to save on not only the running of the individual tracks into the group track, but also the inserts on the group track.

However, when I render the file, asking for only channel settings, I get the entire mix (including instruments, lead vocals, etc.), rather than just the audio from the selected clips. (You can clearly see in the screen shot that the lead vocal is not selected, for example.) The exported track is limited to the dimensions defined by the clips plus the tail, just not only the audio from that. I tried just soloing those tracks, but that resulted in downstream processing (e.g. the reverb which is on an FX send on the BGV Submix group track) being included, so that is not a workaround.

Am I trying to use this in a way it is not intended to be used? Or have I got some setting wrong for this use? Or maybe it’s a bug in the current release?

Any insights would be appreciated.

Just to add onto this, I am also seeing this same behavior with Render in Place when Mix Down to One Audio File is selected for clips on two different tracks. That is the whole mix is included in the rendered audio file, not just the selected clips or even just clips from the two selected tracks. I don’t think I’ve tried this specific thing prior to Cubase 12. Is it possible this is actually expected behavior. (It is extremely counter-intuitive, if so.)