Are you using IISExpress or full IIS? This is configurable by the WebRole's properties tab:

The issue is that Visual Studio is 32bit and so (my speculation) its components. The easiest way to solve this problem would be to use IIS Web Server
(full IIS) as opposed to IIS Express. The application pool defaults are set to use OS bitness, so on 64bit OS you got a 64bit Application Pool. When you use full IIS it is very easy to change Application Pool Defaults
and enable 32bit Applications. This will force the application pool used for the local deployment to run under 32bits and will load the VS Profiling assemblies.
Here is general description how to enable 32bit web applicatopn on IIS
Here is more on setting the application pool defaults
You can also set the application pool defaults in the applicationhost.config
file for the IIS Express. It is located in %USERPROFILE%\Documents\IISExpress\Config
. Please refer to the latter link on how to manually add enable32BitAppOnWin64
in the applicationhost.config.