Hai,
What u have done is correct , but may be what u understood is wrong.
After select all Loglevel setting to info clicking apply will display a message box Successfully changed the settings.
Then if u click ok u are not seeing "Info " displayed on the Dropdown box.
But actually it has done u can verify it by selecting any one application then it will show the Info in that box, all the applications if u select individually it will definitely show.
I checked it.It is not abug.
If you r still not satisfied check with any application log file whther the recent activity u have done in RME reflects there.
Cheers.
Hope this information is useful to you.
If so dont forget to rate this :)
Regards