I'm unfamiliar e veepeak. You want a reader that can decode BMW specific codes, not just OBD.

On timing issues... Your conclusion is only true for large, persistent errors. Slight timing lags due to sluggish vanos (for example) due to worn o rings or sludge, can lead to issues only at some rpm ranges...enough to cause issues but not trigger their own code. I AM NOT CONCLUDING THIS IS YOUR CASE, ,but keep in mind it can be more nuanced.

Fwiw