2.54 - Cloth "Cache Step" broken?

I thought 2.54-beta was improved now that it defaults to a Cache Step of 1 with cloth sims, but then I noticed that I can’t seem to change the Cache Step to anything else.

Example file attached: Try changing the Cache Step setting.
cloth_simple.blend (91.9 KB) << Click to download

Is there something I need to do in order to change the Cache Step size or is it now broken?