Adobe has acknowledged that they accidentally got something wrong this version with preservation of settings, and that they're working on some kind of fix.
It's also not working for me. I have the latest Photoshop CC in my 2 machines. I sync one saying "keep local settings" and the other one saying "keep remote settings" when conflict occurs. Basically I want one computer to be the master and the other to copy whatever I set on the main computer.
Anyway, when I click sync, it syncs it, then asks me if I want to apply, I say Yes and nothing happens. Still all the same.
What particular settings are you changing and expecting to be synced? Machine specific settings, such as many found in the Performance section of the preferences, are not included in the Sync Setting feature.