@MarkLewandoski
I just reproduced this same problem on an iPhone 7.
I'll investigate fully tomorrow and update here.
As this is an app specific setting (not recorded in the "cloud" ), it could require a new release of the app to fix. Unfortunately, Apple do not make it easy to rush out new builds, so this could take a little while. Having said that, if you are prepared to join the beta for any app update, you would get access to it earlier.
This bug has now been fixed in development.
It will take a couple of weeks to filter through to production. A few other updates need to be merged in before release too.
The bug was actually introduced when setting sensible defaults for people upgrading from older versions of the app in 2018! This was erroneously triggering on a cold app launch, resetting preferences, as you discovered.