That definitely won't work

.
You'll either want to get rid of the kobo exclusion (which ends up being an *inclusion*, in practice), with the potential side-effects that may entail (if any):
ExcludeSyncFolders=\\.(?!adobe).*?
Or put on a regexp thinking cap and devise one that matches a specific subfolder inside .kobo while still allowing .kobo itself, and still matching other top-level (or not, if you want to get fancy) hidden folders. That option is somewhat above my pay grade.
Sidebar: Do note that putting stuff inside the .kobo folder is a terrible idea: it'll get wiped without a second thought by a signout, something which can be forced upon you in case of database corruption.