In the Mac Print Settings dialog, what does the "Save" button actually do?

When you click the "Print Settings" button, you get a dialog box (strangely titled "Print" instead of "Print Settings").

You can change a variety of settings here, and the bottom of the box, your choices are to "Cancel" or "Save".

I assume if you click cancel, none of the changes you made take affect.

And if you click "Save," I assume it's saving any changes you've made. But where are these changes being saved?

It isn't saving to the Preset specified at the top of the box, below the Printer selection. I tested this:

1. With the default preset selected, I changed the Layout > Pages per Sheet from one page to two.
2. In the "Presets" pop up, I selected "Save current settings as a preset," and named it "Two pages per sheet."
3. With the "Two pages per sheet." preset selected, I changed Layout > Pages per Sheet from two pages to four.
4. I clicked the "Save" button.
5. When I reopened the print settings dialog and selected the "Two pages per sheet." preset, it was still set to two pages per sheet, instead of the "four" I thought I’d saved.

What's actually happening when I click this "Save" button?