I just found out the official way of changing this is kinda unintuitive… You need to go to the Project Settings (or Editor Preferences in UE 5.3) but the new value only goes for levels created after that. Changing the values for already existing levels require using a command prompt commandlet, as I understood:
https://docs.unrealengine.com/5.2/en-US/foliage-mode-in-unreal-engine/