Ah, I see now. The search while typing only occurs in the Quick Search item itself. Instead of using the toolbar combo, press Ctrl+Shift+F to go to the Quick Search item, then start typing and it will initiate the search after the configured delay. But you probably will not want to use Select first match after search completes, especially with a very small delay, since that will happen as soon as you start typing, so you'll only be able to type one letter, then it will search and select the first match.
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