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I don't have solution for your problem, but I can make it worst (sorry :)).
We are using the latest SOA/BPM 11.5 + FP (Feature Pack) applied. When we apply the holiday calender rules to send task expirations, reminders, notifications, we want to EXCLUDE weekends like Saturdays, Sundays and some standard dates for US Holidays like New Year, Dec 25, ThanksGiving etc. BUT this is NOT working. A user gets reminder whether its saturday, sunday or a national holiday.
So keeping our issue in view, I am confident, may be your vacation settings may also not work.
Anyhow, we have a SR Opened with Oracle for this issue long back in Oct 2011. Still they are working on it.
SR 3-4659578381: Calendar rules for Organization in BPM is not working properly