Manage Displays Search Results doesn't manage the display of the search results

There is a "Manage Displays" setting page to customize the Search Results page to show which fields will be shown on your content when someone searches for them. Unfortunately, it does not actually reflect what is displayed to the user.

Steps to reproduce

1. User wants to customize the search results page for their node "Test #3":
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2. They visit the Manage Displays page for their article, use a custom display settings page for the Search Results at admin/structure/types/manage/article/display/search_result, and set up their Articles to have the needed fields on the search results page:
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3. Satisfied with their changes, they make a search, and see that managing the display of the Search Results doesn't actually manage the display of the search results:
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   Clik here to view.

Am I missing something in this workflow, or does this seem like an oversight for the search results page? Is theming search-result.tpl.php still the only way to do this?