The profiler should work just fine in this situation. However without a bit more information or an example All we can do is guess. Can you post a screen grab or even better upload results from profsave or simplify the code and post example code that can be used to reproduce what your are seeing?
My first guess is that the viewer is dealing with a long function names poorly and that what you are looking for is there. Try sorting by self or total time and look at expensive functions or look at the function that calls update and examine/link-to its children to view the function you are looking for.
You can also examine the data in info=profile('info') to find data for the function you are looking for. When you find the function you can use: profview( name or index, info) to view the results for that function
If things still don't seem correct i suggest contacting support to see if there is a bug or enhancement needed to help you out.