The issue is specific to configuring the schedule using a setting of The [Number][Day] of every [Number] month(s) for Monthly and On The [Number][Day] of [Month] for Yearly. Additionally, when opening a previously configured Schedule, the "Settings" is displayed as the On [Month][Day] value, instead of the "On The" setting previously set.
Yearly Example (when configured):
Yearly Example (when edited):
At time of writing, the issue was confirmed as a bug and will be addressed in a future update of the product.
The following Workaround can be used:
When creating the schedule, first select the "On:" option and set the Day value to "0". Then choose the "On the:" radio button to set the required schedule.