Spacing after an inline graphic doesn't seem to work.

I have a graphic in my document, with wrapping set to "jump object." The problem is that there's too much space between the bottom of the graphic and the next line of text.

There's an adjustment in the properties panel for space below the wrapped item, but all it does is move a (new) red line away from the bottom boundary of the graphic. I don't know what that line is supposed to represent, but it has no effect on the wrapped text. If you move the bottom bound of the graphic itself, the text moves but of course the graphic is cropped.

Anyone know what the deal is here? Screen grab: https://youtu.be/0RpUVM4o974