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.