This does not seem to be working correctly for all knockdowns/reversals.
For example, if DP is set as reversal it works correctly after everything I do as Cody.
However, if I select back dash it works only when Cody does back throw and U1, but it does not work for f.throw, sweep, LK and EX RK.
Edit - If I select FABD, it does regular back dash on every knockdown. Strange :).