That is not the option you are looking for - that option changes which actual song plays for a given scene (e.g. "Clashing Souls" vs "Burst Up" for the initial Lancer vs Archer fight in the prologue) rather than changing which version/remix/rendition of a given song is played (e.g. Original vs PS2 vs 2012/Vita/mobile).
The setting you're looking for is in "Config" located in the VN itself - click the button that says "BGM" located above the music volume slider.