Limited "IN" filter does not filter on default selection when "All" is given

In an Entity Field Query view I have an exposed filter on the Bundle property. I have selected a couple of bundles as default value and I have selected the "Limit list to selected items" option. "Allow multiple selections" is disabled and the filter is not required.

The exposed filter is displayed as a dropdown select list with the default value being "- Any -". When this value is selected, I expect only the default bundles that I selected to be used for the query, but instead all items are shown, so no filtering is taking place.

In the code of the handler views_handler_filter_in_operator, the method accept_exposed_input contains the following:

   // If this is non-multiple and non-required, then this filter will
    // participate, but using the default settings, *if* 'limit is true.
    if (empty($this->options['expose']['multiple']) && empty($this->options['expose']['required']) && !empty($this->options['expose']['limit'])) {
      $identifier = $this->options['expose']['identifier'];
      if ($input[$identifier] == 'All') {
        return TRUE;
      }
    }

The problem is that there is no expose setting 'limit'. I think that the "Limit list to selected items" setting was meant here, but that setting has key 'reduce'. When I change 'limit' to 'reduce', the filter behaves like expected.