If you look closely in the Dialog, in that field it says in parentheses that these options apply only to IFC 2x3. So this is why it has no effect when saving as IFC4.
Try the options below that (Split Complex Elements into Parts) when exporting as IFC4.
By the way, I have experienced the same as you: when I saved it as IFC4, Solibri always said that it cannot open the file. I will report this to GS, although I am not sure if it is an ARCHICAD bug or a Solibri bug. The fact that you could open it in another IFC Viewer would suggest that this might be a Solibri bug or issue with their IFC4 support.
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