Possibility:
By default, the game runs in borderless fullscreen mode. So, I know that in Windows 7 (hear me out), if you're not using an Aero theme, then vsync (hear me out!) won't work in anything but exclusive fullscreen. I know you're talking about anti-aliasing and I don't know what OS you're using, but I'm pretty sure non-shader based antialiasing wouldn't work either and I don't know what ultra aa is actually using, so that's where I'd start.
First, I'd try just running the game in Exclusive Fullscreen by enabling that check box in the launcher. If that does the trick, then that points in this direction (windows desktop management settings). FYI, (for me, at least) Exclusive Fullscreen oddly has worse performance than Borderless Fullscreen.