I didn't use the old one since the game was just released last night for the EU crowd but that option isn't working for me either. I just work around it with CE, for Blitz missions for instance I just activate the super speed and slow down the game with CE to 0.25, hope this helps.
no. press ESC, press the option, press ESC to come back. if the value didn't increase I have no other suggestions for you.
we might just remove the timer options since nearly all complaints are from people trying to use them.