Given that "exclusive-routing" is available as an option only when full-tunnel is enabled ("set split-tunneling disable", I would question whether these two options are compatible at all.
AFAIK app-based split-tunnel is a local routing decision made by FCT (and configured by EMS), so there's a chance that this completely overrides any routing directives received from FGT.
edit: Yes, this is as designed. App-based split-routing disables exclusive-routing. Confirmed internally.
edit 2: The community article you referenced is now updated with a note about the incompatibility.
edit 3: There is a FortiClient/EMS-specific option to disable local LAN access - <enable_local_lan>, which should work with app-based split routing. XML docs reference: https://docs.fortinet.com/document/forticlient/7.2.4/xml-reference-guide/858086/ssl-vpn