This week I discovered that Alt-X does work for Unicode characters where the code is longer than 4 hex digits. The trick to make it work is to type 8 digits if you need more than four.
For instance, if I want U+1133C (Grantha Sign Nukta) in my text, I can type 0001133C, then press ALT-X and I’ll get the character. If I left out the initial zeros, ALT-X would leave the first 1 and give me U+133c.
Similarly in the character inventory, Paratext lists the code for these characters as 8 digits.
A different trick is needed to add characters like this in autocorrect.txt: