Thank you all for the info here. Just confirmed with team and test myself.
On the SD card it will always be HD 1080P video. No matter how you change on the live view tab from HD to SD or to 360P. The only difference will be if you change to SD on live then the recording file size will be smaller due to decreased bitrate. By testing here, with HD live view the recording file is about 5MB per minute, while for the SD live the recording file is about 3MB per minute. So @SlabSlayer is absolutely correct here about change to SD double his SD card recording time. So far I tested 360P live also have about 5MB file size for recording so no difference. If the camera location will always have some moving objects then I would recommend you still set to HD on live view for the higher bitrate.
There is a mistake on that website about changing recording quality:
and we will correct it as soon as possible. Thanks again for your help and info!