Hello @TapM
the AXP192 does automatically switch between ACIN (USB) , VBUS (5 V pin on M-bus) and battery. However in your case only VBUS and battery are in the mix.
I did some experiments (i.e. turning on internal 5 V boost w/o disabling VBUS) and yes, switching on the internal 5 V booster while power comes in via 5 V pin on M-bus immediately shuts the system down. My best guess is, that the AXP192 doesn't like the 'circle' that is created in that way, e.g. kind of powering itself through the internal 5 V booster.
Not sure if there is a way to solve this w/o hardware modification.
Thanks
Felix