I've also encountered this issue in the 188.8.131.527 version, but see its already been logged as a bug. A couple notes to add to the issue.
First, the "work around" to get the SubView displays updated correctly is to uncheck the Apply to this view only checkbox, then click the Apply button. However, they of course revert to the default format again if you save and re-open the model. So not really suitable option, but good in a pinch.
I also took a look at the new 4.0 EA version (184.108.40.2066), and the problem has gotten a little better. Colors now seem to work as expected; however, font changes are still not displaying properly in the SubView diagrams. And the automatic selection of the Apply to this view only checkbox still occurs. The same work around can be used to temporarily recover the formatting in this version too.