Placeholder replication level does not seem to be working

For example, when I create a new page, then from Page Administration I set from 'Page and children' > 'All instances' > 'Replication level' > 'Everything', 'Replication direction' > 'Receive only' and save, this page is not replicated on the other instance (but it gets replicated if I select 'Both' or 'Send only').

I think the main problem here is more that the UI should not propose "Receive only" at all, as it does not really make any sense for the owner to not be allowed to send modifications (this makes it not replicated, by definition).