Ok... I have found the problem. Actually, your test helped me locate it. When I ran it originally, it ran with the default settings, with the exception of the axes which I redid. I then went into setup and set things to what I normally use, video, gameplay. I redid the test and the same thing happened. WTF? I deleted the folder again and reran the game and the problem went away. I set the video to my liking and redid the test, everything was fine. Went back into settings and set the rest like I like it, one of them being Game Flight Mode, and the problem surfaced. Went back into settings, turned off game flight mode and the problem went away.
So there seems to be some sort of bug when set to game flight mode in the bf-109 module. Try that setting and see if you reproduce the issue (avionics you can leave alone).
Thanks.