This car was designed in the mid 80's, that was the era of floppy disks and the IBM PC was state of the art with 8 MHz CPU and 64k RAM. Get the picture. There is not a lot of computing horsepower in the ECU, and it has to do a lot of things. So the diagnostics are mostly rudimentary.
The ECU only sets a code for the AFM if the Kv signal is shorted or open. If its giving bad data it will never set a code. The ECU does not have a way to compare against other sensors like a modern ECU would do and figure out something is wrong with the AFM.
So, for example, if someone has "cleaned" the AFM with TB cleaner and screwed the optics up, chances are high the ECU will never set a code, but it will run like crap because the sensor is FUBAR.
That is why it would be helpful to measure the frequency of the Kv signal during operation. You will know immediately if its bad or you need to search elsewhere. Relying on codes is certainly good practice, but not enough to always figure out what's going on.