Page cache not rebuilding after page cache maximum age is reached
The Internal Page Cache for anonymous users doesn't use any configuration option. If you want a quick solution in UI your only chance is to de-install this module. 

Better for performance is to set an expiration time for the cached pages, but for this you need custom code, see this answer Anonymous user cache control.

In both cases the setting on the performance page is still necessary to set the correct headers for external caches.