GameMode blueprint is not updated/compiled when settings are changed through Project Settings

When using Project Settings->Maps & Modes->Default Modes to set GameMode defaults, the values will appear to change in the associated blueprint but these changes do not go into effect until the blueprint is explicitly compiled

Workaround:

• Setting defaults in the game mode blueprint will be immediately recognized
• After changing defaults in Project Settings, compiling Game Mode blueprint will cause changes to be recognized

1. Open UE4 Editor (Blank Project)
2. Open Edit->Project Settings->Maps & Modes->Default Modes
3. For Default GameMode field, click plus button to create a new game mode blueprint
4. Expand Selected GameMode
5. For Player Controller Class field, click plus button to create a new player controller blueprint
6. Add Print String Event to player controller and wire to BeginPlay
7. Compile and save Player Controller blueprint
8. PIE

Result:
The print string from the player controller does not appear on screen.

Expected:
Changing game mode defaults in Project Settings is immediately updated/recognized by the editor.