We offer two similar features: Select PHP Version and MultiPHP. For more details on differences between the two please see this article.
If you are making changes to PHP settings in your cPanel > Select PHP Version and they are not having an effect you will want to check in your cPanel > MultiPHP to make sure that the version in MultiPHP begins with "alt-php" and that the version number matches the one chosen in Select PHP Version.
Unless settings have been modified in cPanel > MultiPHP, the settings in cPanel > Select PHP Version feature is the default settings. However, the settings from MultiPHP do override the Select PHP Version settings.
It is necessary to set the version in MultiPHP if using ALT-PHP to match the version in Select PHP Version. The only ALT-PHP version in the MultiPHP that is set in Select PHP Version will work.