This is a known bug that is being investigated by Adobe engineering. We hope to address this bug in an upcoming release/update. The workaround in place is not to use the Spotlight search box inside File> Place dialog box.
It would be nice if Adobe kills the spotlite integration, and replaces the spotlight search field by a regular text field, allowing to perform a recursive regular expression file search in the selected folder and all subfolders.
I hope this bug is fixed as soon as possible.
Good to hear that Adobe engineering is taking a look. However you might want to file a formal bug/feature report here: Wishform, to get it on record as a customer/user problem, and to perhaps attract additional requests from others who have the same problem.
I'm not sure if the commercial Mac application Default Folder X would fix the problem. You might want to test their trial.