BStbck and b14de; yes, that is the correct thing to use if you need to always cook some content.
BStbck - How are you observing that it has no effect, and what directory are you adding to the list? I forget what format it needed in 4.2, but this interface has been improved for 4.3 and the UI will now ensure the path is correct for your project (it stores them relative to your Content directory now). You also have additional options in 4.3 to stage additional non-uasset files for use in your game.
b14de - The cooked assets will be placed in the pak file for your project. You won’t see them added as individual files unless you also disable “Use Pak File”.