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When you use the preview region drop-down the settings effect where your preview box is located or the size and color of the box. When you mess with the settings in the "Noise Reduction Setting" you will only effect whats inside the box, unless you change the the the render settings from "Preview" to "Final Output".
I may make a tutorial on this effect in the future on my YouTube channel!
The preview region is for checking an area and tweaking the parameters to adjust the filter as you need. Once you are happy with the results, under the Viewing Mode parameter (the first one in the filter) you can choose FINAL OUTPUT for applying the filter to the complete comp.
Be prepared for very long render times. This is a temporal effect and they are always slow....
That's why they gave you the preview region. You wold probably think the plug-in was broken if it had to preview the entire frame.
I highly recommend this plugin for all your remove grain issues: Neat Video - best noise reduction for digital video it saved me a few times. the price is more than fair, the plugin is quite intuitive and offers basic and advanced features. and it is fast too!