And perhaps also post your formula for that virtual "ArtistPeople" tag?
I believe "ArtistPeople" is how the field "Artist" is represented in the .xautopf playlist file.
However it does seem to behave as if "Artists" was selected (meaning that it will include any artist - i.e. Guest, Performer etc).
I can see that the 'Legacy Of Kings' track shown in your screenshot is tagged with multiple artists - check to see if one or more of your selected artists is included in the multiple artist list (click the three dots to the right of the artist name in the edit tags window).
Other than that I don't have any other suggestions at the moment - I don't think MusicBee will have any problems with that many conditions in the playlist and the code looks ok (as far as I can tell).
Actually, you could try using the field "Artists: Artist" in place of "Artist" (replace all instances of "ArtistPeople" with "ArtistsWithArtistRole" in the .xautopf playlist file). This will exclude any artist tagged as 'Guest' or 'Performer' etc. but will still include any artist tagged solely as 'Artist'.