If you have the Steam version, you could go reset all your settings to default, delete all custom controller profiles, quit the sim and go delete the folder “C:\Program Files (x86)\Steam\userdata\Steam_userID#\1250410”, then reboot the sim and try again.
Note that this might delete your flight log information, if you care for such things. Might want to backup the folder in any case.
Edit: On MS Store version, it seems the analogous files are held in different appdata directory: Joystick Profile Location - Steam? - #5 by hobanagerik
Failing that don’t just delete that folder, but in addition: uninstall the sim; delete any cache files related to the game; go manually delete whatever remains of the MSFS installation folder and go manually delete whatever remains of the MSFS appdata folder. Then reinstall and try again.
Failing that, as workaround you could use programming software to assign your throttle to a virtual controller axis, then bind that virtual controller axis to the MSFS throttle axis. The game would think this is coming from entirely new, different device which might bypass whatever hiccup you are experiencing. I believe your HOTAS does not support the OEM’s programming software (TARGET) so you’d need to use third party one. Let me know if you are interested in trying this and I can make a small guide with pictures on how to do it.
Do you use throttle 1 axis 0-100%? It’s a full range throttle that has the forward thrust on one side, idle at middle and reverse thrust on the other side (only valid on aircraft that can use reverse thrust, e.g. Pilatus PC-6 or Cessna 208).