TWRP backup/restore – but lost settings, accounts, etc.

Nexus 5
Running CM 12.1 (5.1.1 LMY48B)
Did a TWRP backup (all boxes checked) (3.7GB)
Did a TWRP wipe
Did a TWRP install of CM 12.1 (booted, played around a bit)
Did a TWRP install of stock 4.4.2 radio (booted, played around a bit)
Did a TWRP wipe
Did a TWRP restore (all boxes checked)

After rebooting, my launch screen icons are gone and the launcher starts at its "Welcome" walkthrough. All of the apps are installed, but all of their settings are lost. Settings > Accounts is empty.

Is this normal? Shouldn’t a TWRP restore bring back everything? I do have a Titanium backup of user apps and data, but not of system apps and data. The Titanium backup shouldn’t be necessary normally though, right? Shouldn’t a TWRP backup/restore include all apps and data? And bring the device back exactly like it was before?

Edit: And oddly, my Wifi password was restored fine, but my contacts weren’t (I save my contacts locally, not synced with Google).