Thanks for the report. In testing the Scale and Set options, as well as the Max Pts setting, I also see no effect on the output. It could be at some point Apple changed the API for this and at this point they are hooked up to nothing.
What version of macOS are you using, by the way, so we can have that on record?
By the way, I wouldn’t generally use these settings for most things. I prefer to keep separate sets of images for different purposes. Having a set of highly compressed and low-res images for proofing is really handy, as well as one that is balanced between quality and size for distribution, or another at max quality where it matters. Here are some further thoughts on how that can be done.
The main problem with crude settings like these are that they treat all images the same, by and large. If you’re really going for the best possible result at the target size, treating each image in a way that works best for the content of that image is my preference. One thing might get away with a large amount of compression and save a lot of space while another might need to use some of those savings to avoid blurriness or compression artifacts.