Hey @stokerg,
sorry for the late response, I'm quite busy at the moment. I'm using the default settings and all of them give me a non-password-protected password-protected PDF file at the end.
/Test-PDF/Digital-Hohe-Qualität.pdf: PDF document, version 1.7 (password protected)
/Test-PDF/Digital-kleine-Größe.pdf: PDF document, version 1.7 (password protected)
/Test-PDF/Druckerei-fertig.pdf: PDF document, version 1.7 (password protected)
/Test-PDF/für-Druck.pdf: PDF document, version 1.7 (password protected)
/Test-PDF/Für-Export.pdf: PDF document, version 1.7 (password protected)
/Test-PDF/Reduzieren.pdf: PDF document, version 1.6 (password protected)
/Test-PDF/X1-A-2003.pdf: PDF document, version 1.4 (password protected)
/Test-PDF/X3-2003.pdf: PDF document, version 1.4 (password protected)
/Test-PDF/X4.pdf: PDF document, version 1.6 (password protected)
Those are all presets I can choose from in AD, nothing changed.