Hi there,
This setting doesn’t affect how your site’s post look but rather how they look in when someone subscribes to your site and views your posts through an RSS reader.
If you want to show an excerpt of your posts on your front page you need to go to your Dashboard > Customize > Content Options and select the Post excerpt option.
Fotis, thank you so much for quickly responding, but I don’t see a Content Options in my Customize section. Here is a link to a screenshot of all I see:
https://drive.google.com/file/d/1-TuInmNTH2KeoptjirldHswN-hofdiGb/view?usp=drivesdk
Adding the Jetpack plugin will enable content options for you. Those are actually just built in to WordPress.com and not the open source WordPress installation.
https://jetpack.com/support/content-options/
