We are using quotas on all of our sites (production, test and development) without having observed any such behaviour. I am mostly inclined to believe that there is a misunderstanding about how the quota feature works and what it does. In fact this is what the vast majority of similar ticket is. Moreover, I see at least two problems in your setup.
First of all, quotas are applied against backup records, not backup archive files. If it's not listed in Manage Backups page it does not participate in quota management.
You have selected to keep 1 obsolete record. "Obsolete" means that the backup archive is not present on your server. Since remote backup records are obsolete by definition you are only keeping the latest backup record. Therefore the quotas are applied only on the latest backup record. This means that they will never be satisfied and nothing will be deleted.
Quotas are only applied to backup records taken with the same backup profile. You cannot apply quotas across different backup profiles.
Whether remote quotas can be applied depends on which Post-processing engine you are using and in many cases the permissions you give to the user which you connect to Akeeba Backup. For example, if you use FTP or SFTP but your user does not have delete privileges (e.g. the folder has the sticky bit set) you won't be able to delete remotely stored files. Amazon S3 allows you to create write-only users therefore the quotas cannot be applied because Akeeba Backup does not have delete privileges.
You have also set both maximum age and count quotas. This is a bad idea. Count quotas would delete backups which are spared by the maximum age quotas.