Cannot disable Frame Rate Manager

I am unable to disable FRM in Studio, despite it being set to Off in the settings, resulting in poor graphics quality after hitting Play. The FRM level always starts at 1 and takes a while to go up.

Here is the render menu while editing in studio:

And here is the render menu after hitting Play:

Changing the value of Auto FRM Level doesn’t make any difference, and upon restarting Studio it resets to 1 anyway. Setting FRM to On or Auto also makes no difference.

This problem doesn’t occur ingame, only in studio. I don’t know what’s causing it so any help is greatly appreciated. Incase it’s any help, I’m running studio version 0.622.0.6220470 64 bit.

EDIT:
After updating to studio version 0.623.0.6230555, it now starts on level 20, reaching 21 in a couple seconds. The issue is now negligible but FRM is still locked on.

Can you please try pressing CTRL + SHIFT + F2?
It’s the keybind for toggling it

Pressing CTRL + SHIFT + F2 is only toggling the render menu, not changing any settings. FRM is still on and starting at level 1