Thank you for your reply. I had attempted to edit the policy both on my domain joined workstation with RSAT as well as on a domain controller.
Since my original post earlier today I believe I have found the answer. Here's a screenshot of the Exceptions list. (The program versions here are different than in my original post, but that's irrelevant.)

Note how at the end of the line it shows the versions affected. In these cases they correctly show that versions 119 and lower (*-119.0.0.0) will have exceptions. Testing verifies that the exceptions work as I entered them. However, when I edit either of the exceptions, the GUI still indicates that the exception will affect the specified version "And above". What I've discovered, then, is a problem with the group policy GUI. If it's not a bug then it is definitely a very poor design decision.
Daisy Zhou123, if you are in a position to verify my findings and report this issue to Microsoft for resolution, please do so. Getting this resolved is very likely to help others with the same problem in the future. Thank you.