Its actually working ootb as disabled.
Just wondered what difference enabling makes. I assume its 1.1 if disabled, I could try it, but thought ask around first.
Understand that the default is disable (which means DP 1.1). What I mean is if DP 1.2 also work, I personally will leave the setting at DP 1.2.
But I just have a quick check of the u2715h spec. I believe it won't make any difference in macOS. the DP1.2 may be only for MST output, which is not supported in macOS.