Up to ten profiles, the order is correct.
With more than ten profiles, the order is not correct.
Example:
I have choosen the sort profiles option "By name".
I add 9 profiles named a,b,c,d,e,f,g,h,i to the list.
The order is: a,b,c,d,e,f,g,h,i,Latest release. As expected.
Then I add the tenth profile named j to the list.
Expected order is: a,b,c,d,e,f,g,h,i,j,Latest release.
Actual order is: e,j,b,c,d,a,f,g,h,i,Latest release. Not as expected.
The more profiles you have, the more important is a correct sorting.
The count 10 includes "Lastest Snapshot" if you enable snapshots.
Affects version 2.1.1462 on Windows.
Affects "sort by last played" as well: the order is not either ascending or descending with respect to both "created" and "lastUsed" field in launcher_profiles.json. I have an old profile with both field "1970-01-01T00:00:00.002Z" (this AFAIK comes from old launcher profiles) sorted first in "sort by last played" order, before "Latest Release" and "Latest Snapshot".