Layout element doesn't apply to home page

I am in the process of creating a custom home page. I created a blank page with the title "Home Page" and set it as a homepage through the Reading Settings (A static page -> Home Page).

I am trying to apply a layout element to remove the h1 by disabling the content header but it doesn't work. Any idea what I might be doing wrong? Is there any better way to create a custom home page?

Thank you!