Reading Setting Not Working for Number of Posts

No need to edit your parent themes files as its bad practice.

You can use this code in your child themes functions file

add_action( 'pre_get_posts', 'wpsites_limit_posts' );
function wpsites_limit_posts( $query ) {

if( $query->is_main_query() && !is_admin() && is_home() ) {
    $query->set( 'posts_per_page', '1' );

    }
}

Won’t work when admin is logged in.

Change the is_home() conditional tag to the archive you want to limit posts per page.