Timecode setting on markers

I want to display only “mm:ss” on markers, but this option doesn’t work.
Does anyone know the way to solve this problem?

The options you have highlighted are for the timecode display (either above every bar or at the start of the system), rather than for the markers. I’m not sure whether it should definitely be the case that we should also apply those options to the markers, but I guess we can do so, and then see whether we get howls of protest!