To test my understanding, by "settings" you're referring to Develop settings. If that's correct, then indeed Metadata > Copy/Paste Metadata doesn't copy them. And that clarifies your feature request to have a simple way to copy both Library metadata and Develop settings at the same time.
To copy both Library metadata and Develop settings, you'll need to use two commands, Metadata > Copy/Paste Metadata and Photo > Develop Settings > Copy/Paste Settings. (See the menu items for the keyboard short
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