Wasapi Exclusive DOES by-pass the Windows mixer/resampler.
I find it very strange that you said your Windows only supports 48khz, I think you meant that was the sampling rate set in the Device properties (Control panel/Sound/properties/Advanced). Wasapi-exclusive will ignore that setting and send whatever the audio file's original sample rate is to your audio drivers, whether it's 44.1k or 192k. What this means though is that your audio device must be able to support the rates of your files. E.g., my device supports 44.1, 48, 96, and 192k. In the BASS audio engine world, if my device gets sent a sample rate it does not support, for example a 22.05k radio stream, bass.dll will "kick in" and internally resample that to a supported rate, i.e. 44.1k. Otherwise, you would have no audio output.
There is no need to engage the built-in MusicBee resampler with wasapi-exclusive unless you have files whose rates are neither supported by your audio device, nor able to be handled by the bass.dll fall-back.