IntelliJ reformatting code not as expected

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Context

I'm using the Detekt plugin with the settings as shown in the screenshot below.

Detekt's reformatting function works as intended.

Problem

When I use the IDE's Reformat code, it doesn't align with what Detekt is configured.

Expactation

Reformat code should reformat code as would Detekt.

Note

I'm not sure if this has ever worked before or I just happened to have the right IDE configs to make it look like Reformat code works as expected, but this happened recently when I reopened an old Kotlin project.