It does back them up, but the restore seems to be broken. I had the same settings reset last night, and tried restoring a backup with some luck, but some missing settings, so set everything up again and did a backup. I tried restoring the new backup to see if I got any sort of confirmation, but there was nothing.
I tried restoring the backup on my PC, but it didn't work the first time. I updated the app and tried again, and it worked as it should, and gave me a confirmation message.
I've been having issues with my phone, so just assumed it was something to do with that, or I would have paid more attention.