I am sorry to reply so late, but I may as well post the answer for the benefit of anyone else who finds this thread...
There is a key step you must do... You have to tilt the camera forwards. It may sound unlikely, but this is required for the cover to fall into place correctly. I don't know how this feature was engineered, but I guess it relies on gravity somehow. This instruction is actually present in the German-language instruction booklet, but the translator who compiled the English-language version seems to have decided to omit this important step.
When you tilt the camera forwards, listen carefully - you will hear something falling/clicking into place. There's a cover over the slit in the drum, and additionally some kind of "lock" so that the drum will only rotate enough to install/remove the filter, and not the full way.
So...
1. Switch camera off
2. Set double exposure switch to M
3. Hold the camera upright, with the lens slightly tilted forward
4. Press and hold shutter button. Turn lens drum clockwise. Release shutter button
5. Insert/Remove magnetic filter
6. Turn lens drum back
7. Reset double exposure switch
I had a Noblex 135S for 20+ years and loved it. Unfortunately it was stolen in Italy early last year. Serial number 104790.