I found this to be a problem with the original Logi Options as well: when I set the middle button (traditionally used for the "Shift Wheel Mode") to have gestures instead, it doesn't work properly.

In my case, I set "Hold + Move Right" to "Keyboard Shortcut" (Cmd +F) and "Click" to just "Shift Wheel Mode." When I do this, only "Hold + Move Right" works and "Click" does not change the wheel mode.