Having altered parameters that determine the retention policy for the log file 'access.log', and ensuring the changes are committed, there is no change in behaviour.
The file is rotated once it reaches 500k size despite altering the size, and no older files are deleted, despite setting retention to 7.
I can confirm that:
Limit number of retained files : enabled.
Files to retain: 7
Rotation type: Size
Rotation file size: 300k (test size)