I can also confirm that this doesn't work. The former tab 'mail' isn't present at all (so I assume I don't have my email synchronised in some appropriate way), the latter "Remind me ___ minutes before my upcoming meetings" is unchecked yet I'm still spammed with notifications that never expire.
Why make push notifications for meeting reminders that remain on screen for days/weeks? What substance have your product team had their faces buried in to think it's sensible to force a push notification for a meeting that happened last week?