Yea, this has been a bug ever since this thing came out. To me, if Sound in Holster is set to "NO", it should override whatever profile you are in. It's not even worth bothering with the holster if you can't override the sound!
You can always change your profile to vibrate only.
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That's beyond the point...no sound in holster should mean no sound in holster even if you're on a profile that has sounds enabled. This is a valuable option for people who use the holster for meetings when you don't want your phone to be disruptive. You shouldn't have to change your profile back and forth to accomplish this.
This is very aggravating also. Defeats the point of the holster at times, but I found a fix. I have custom vibration setting and I read that the "no sound" in holster only works if you leave vibrations to "on" or "off" or whatever. You cannot use custom vibration settings. So far, works for me.