Hello Charlie,
I didn't try LFOs yet, so I am not sure about the tempo for LFOs.
What I did is this : I wanted to have a delay effect with a time/beats toggle just as you did and I can confirm I had the same behavior as you.
Basically, changing the effect delay time format with a binding does not work properly.
It might not be directly related to what you describe but I can see you have also this problem :
Tempo/BPM mode makes the knobs to move by coarse steps but Time (seconds) should not!
So personally I used a trick, I created two knobs in the same location, one for Time (seconds) format in float and another one for Tempo format which moves by steps, then I toggle the display of my knobs and the binding of the knobs to the effect with by button and this seemed to work.
Maybe you can try that and see if this fixes your problem.
However, as a first quick test, if you don't set the time format switch and just use the tempo/musical time, is it working as intended (correct tempo) because these could be 2 problems and not just one.