I got a 2332L with latest firmware (1.8.3).
It looks like Profile 1 is tied into the app. In the web UI (setup > Audio and Video) under Video Profile 1, if I change the frame size to below 1280x720, 720 is no longer an option in the app.
Also randomly if I changed settings to Video Profile 1 and I go back into the app, it does put it down to 240.
This is remotely and locally.