Did you reboot the computer after setting it?
Glad to hear some good news! Odd about H.264 though. Mike M's posts implied that that was fixed in a recent patch. I guess follow his instructions?
Mike M - Windows Camera Team Microsoft (MSFT) said:If you believe that your specific scenario appears to still be affected after updating to OS Build 14393.222 (see: Windows 10 update history), please create a new feedback item under the “Hardware, Devices, and Drivers” > “Device Camera or Webcams” category, include “KB3194496” in the title along with a short summary of your feedback, and in the description specify: the camera you’re using, its driver version, desired media type format, application used, expected vs. actual results, and any other details you consider relevant.
Mike M - Windows Camera Team Microsoft (MSFT)
Are you able to use the camera both in the Skype and OBS simultaneously, after the fix or it's still not implemented?