The setting you're talking about is only used for editing each of the quality profiles, its not used for setting the default.
When you do a 'quick record' it always used the medium settings. You can edit the medium profile to have whatever qualities you want. All other types of recording you can explicitly set the recording quality you want to used.
Gotcha. Since I record everything on high, I was hoping to have it set as the default level so I don't have to change it every time I set up a recording.