This is a ReShade bug. Remove all the other CRT-Guest-NTSC.fx TEST files from the Shaders folder. Then see if the Rainbow effect works.
This is why I said you should copy & paste the TEST versions into the existing CRT-Guest-NTSC.fx file.
Don’t forget to check if any of these work too (by copy & pasting) - CRT-Guest-Advanced, HD and NTSC for ReShade!