While it’s true that the options you list remove the invites from your own calendar view — it unfortunately don’t work if you share your calendar with others.
The consequence is that whoever you shared your calendar with, see’s the spammy invites while you don’t. Which in effect means you have to disable said settings, find the invites, and delete them, just to enable the settings again.
In the end I left the settings so I can see the spam invites, and delete them when I notice them. It’s really annoying though.