Power comes from the ignition switch, through the starter switch, then to the headlight selector switch (lo/Hello). The wires then come from this switch for Lo/Hello, to their respective fuses, and then back to the headlights, through the big multiway connector (15 pins? on the Haynes diagram), with the tell tales tapped off before the headlights. The Lo beam does indeed get taken out of circuit on this generation of bike when Hello beam is selected.
How sure are we that the high beam fuse is OK, has good connection in the fuse box, and that this supply can power a test light bulb? If it can, then it's probably a break in a wire / connector between fuse box and headlamp, and not the switch or wiring from switch to fusebox.
My bets are on the big multi connector, there will be a pin that isn't fitting properly, or the main beam wire has corroded under the insulation and isn't obvious (you should be able to tug on the wires without them stretching/breaking normally). The main beam wire appears to be solid yellow (both sides of connector), low beam solid white on the fuse box side, and black with blue tracer on the headlamp side. Test with a test lamp here, both sides of the connector if you can (you might need to repurpose a sewing needle or similar here if there is weatherproofing on the connector).