I believe with the plugin you must disable the Visual editor. Don’t just Not use the visual editor as it still can strip the code. You need to edit with the html editor. Should be documeneted somewhere. You can turn it back on when doing posts that don’t have php.
Allowing PHP code natively in a CMS would be extremely dangerous. Especially since most allow other Users to create posts & Pages. Consider this if you allow User permissions within execphp.
The issue is someone could post code to do nearly anything including deletes with your database. Could even be made to transfer or change any file (non-WP) sitting on your hosting account. The PHP code would run from the server with full permissions.
Had a client (not on WP) last year who had a site with a cron job running daily sending all files & databases which all originated from some php code that was allowed in a certain web app. In addition someone else setup their own website within his site. Be Very, very, careful….