@ak12546 and @LeCuvier
Thank you both for your swift response and suggestions!
However, my settings is set like you suggest as per below screenshots, yet it provides no fix to the problem. The drop down menu in the ME only lists one model of the F-16, and this is the one with the simplified controls.
Could it be possible that I need to move the aircraft model manually into a certain folder like some people do with addon aircraft? I simply purchased the F-16 in through the steam menu and had it automatically installed.