Confusion regarding FBX Axes


From the UE4 Documentation:

In 3Ds Max, the Forward Axis is Y-.

However. UE provides an option at FBX Import:

In my eyes it should do the conversion.

But when I import my Skeletal Mesh, the Character faces to the right (in Persona).
Is this correct or should it face towards the Camera?

A Character BP provides even more confusion:

Without Axis Conversion, I need to rotate my Skeletal Mesh to face the Arrow Direction.
With Axis Conversion, I do not have to do this.