Steps to reproduce the issue

Joomla 4 with sample data
Go to Content -> Options, under "Articles" you will find two switcher for the read more button:

The two options are on.
Set "Read More" Link to "hide". The second option disappears (but it is still set to "show")

Go to site modules and look at the options in the newsflash module (Latest Posts in position top-a). You can show or hide the read more button, but you can't turn off the title in the button. You have to go to Content -> Options, turn on read more again, then turn off the title and turn off read more again...

Expected result

You can turn off titles in read more buttons directly in the newsflash module

Actual result

If you want to have titles in the read more buttons in a blog layout, you will have automatically titles in the read more buttons in newsflash. It is not possible to configure articles and module differently.
In comparison the module Articles - Category has an option to turn on/off titles in the buttons.

Another problem is that you will not see the option for putting off titles in Content -> Options if you have already set read more to hide.
In J3 the two options are always visible.

System information (as much as possible)

Additional comments