You mentioned you bought your M5 used. The previous owner adjusted this setting, so now that you've successfully done your factory reset, you'll need to adjust the same setting to get it to work the same way again.
In "Performance" mode (the one that allows you to adjust the parameters), press and hold TAP. Then press Model Select. You will enter settings mode. Change the bottom middle parameter from LOAD PRESET to INSTANT PRESET. Exit setup by hitting TAP. Your M5 will now switch instantly between presets. :)