ItemPhysic version: v1.4.14_mc1.16.4
CreativeCore version: v2.0.10_mc1.16.4
Forge version: 1.16.5-36.0.0 (can also be produced on 1.16.4-35.1.37)

Changing these settings does not change how the mod renders items
However, showPickupTooltip and disableThrowHUD work as expected

This was reproduced with only ItemPhysic and CreativeCore present

Fixed in the newest version. Thank you very much for reporting this issue!