Panel settings are used for making temporary changes to volume including R1, R2, etc. (and for temporarily editing EQ, Effects, etc.)
The default volume is 100 for all panel settings. If you make changes in panel settings like volume to a style, R1, R2, etc., they will carry over to any other selected styles. I use panel settings mostly for editing and saving a registration.
Again, Panel settings are a temporary setting for all styles, (etc.) until you switch off /on, and the panel settings will then be back to the default 100 volume.
Yes, It is the way it's suppose to work.