I'm confused, because my CS has no settings for the Preview Window in the Preferences.
There is a View Setting, and you can set the Clipping Distance. This setting is for changing how much of the cell gets displayed in the Render Window when you zoom out... it has nothing to do with the Preview Window.
Set it low, and go to Balmora. The set it high and go to Balmora. You will notice a huge difference in what gets rendered when you zoom out.
I believe the "Render Settings" has to do with the entire CS, not the Preview or Render windows.
..... Or am I missing what you're saying??