OK, here's how it is. I just started a new career with stock 1.4. Started in June 1942 at 'Normal' settings. Got the Finback, went into my CFG folders and renamed it Hammerjaw. Restarted game and had appx. 42% realism.
Went through gameplay settings, checked 'Limited fuel', 'Limited O2', 'Realistic reloads' and 'No stabilize view', bringing my realism up to 65%. Applied changes. Sailed from Pearl. The above mentioned settings had not taken effect. Please tell me this is not a 1.4 bug.