In layout mode, when I add a preset button to a screen in ET version 3.4.0 and go into Edit Item to change the name and assign a custom time, and confirm, the new name will take effect and the custom time button will show as selected, but the standard 2.0 will still appear regardless of the time entered. The workaround is to edit the button again; the custom time will then be reflected.
This is seen both in the offline editor and on ET hardware.