I had this same issue, and I tried the solution you suggested. Unfortunately, it did nothing to remedy the situation. Leaving the options in the settings unchecked will allow me to click in a login page's email field without it suggesting any email addresses, but then as soon as I toggle the settings again so that it will store and suggest future email addresses it simply suggests the previous list of email addresses that I attempted to delete and wanted gone. Does anyone have any alternative solution? OP, if you see this, were you able to accomplish it with this solution or any other?
EDIT: I actually found a simpler solution. Go to Microsoft Wallet, and then click "Personal Info" on the left-side menu on the screen. Under "Addresses & More" you will see "View By". Click on the second drop-menu which reads "Complete" and select "All" or "Incomplete". This will show all of the suggested email addresses. You may then click the boxes on the left of each one you desire to delete and the click "Delete" which will be in the upper right corner of the menu.