Setting three or more favorites only lets me switch between two of them when I press Left

Setting the Starfish and the Laspistol as favorites only lets me quick-switch to the Laspistol but not back to the Starfish when I press Left (but only sometimes! It has something to do with equipping something that isn’t a favorite and then switching by pressing Left, because if I favorite three things and then unfavorite one of them, I can switch between two of them)

The menu that comes up when I HOLD Left works fine, but I didn't even know that was there until I was trying to fill out this bug report

The HOLD Left menu seems to affect how the cycling works; I can switch between whatever I have equipped and whatever I selected last, but this behavior isn't explained anywhere (as far as I recall) and in fact sometimes leads to me not being able to quick-switch to anything