Andrew,

Usage states:
"Default is to explode everything into points, lines, arcs and circles"

In this Forum Topic 10358 you explain to use an exclusion list:
"dwgexplode is geared towards exploding everything. You'd have to provide a list of all entity types that are acceptable (i.e. don't need to be exploded)"

Your example list includes the entity type 'Splines'.
Marking splines entities as acceptable or not contradicts that they are never exploded.

But in the code itself is stated:
"explode texts to splines, arcs, lines"

TTF text is indeed exploded in mostly splines and some arcs or lines if that is appropriate.

All depends on the intended behavior ...
Related forum topic:
https://www.qcad.org/rsforum/viewtopic.php?f=32&t=10767

Regards,
CVH