This behaves as if only +RTS -p was passed, when actually the manually specified -P should override the -p.
~/t/profile-repro $ stack --profile test :profile-repro-test --test-arguments "+RTS -P"
profile-repro-0.1.0.0: test (suite: profile-repro-test, args: +RTS -P +RTS -p -RTS)
I didn't check any benchmarks but I'd suspect that the behaviour would be the same.