V/S or Profile can be used with a LOC appr and LOC* then LOC would be the FMA in either case. The A300 has a very old FMS and unless upgraded by UPS, it has likely been suffering from memory issues with all of the stuff that didn't exist when it was created back in the early 80's. EPGS, complex OPD's, RNAV approaches, huge influx of new enroute waypoints, etc.
Long story short, something has to give and operators sometimes selectively remove approaches and waypoints from the database to fit the space. UPS has a big theatre of ops, so it's easy to see this being an issue. It's possible that there were no database approaches available to the crew, which would X out the use of profile and put them in dive and drive mode with vertical speed. Also the NTSB reported 140kt approach speed is pretty high for an A300, probably pretty close to the landing weight limit for a flaps 30/40 landing