Scale confusion when importing from 3DS Max with sockets

I’m having some issues with scaling of meshes when imported from 3DS Max.

All of the guides and documentation tell you to change both your Display Unit Scale and your System Unit Scale in Max to Centimetres, to export your FBX using Centimetres, and that your mesh should then be imported into UE4 at a 1:1 scale.

This has never worked for me. Everything ends up too small by a factor of 2.54.
The only way I can get 1 unit in Max to become 1 unit in UE4 is to set the System Unit Scale in Max to Inches, and the Display Unit Scale to Centimetres.
That setup works perfectly for me, and everything is imported into Max at the appropriate size.

However, if I import a mesh wish sockets, all of the sockets end up scaled to 2.54 (which just happens to be the scale difference between cm and inches).
If I set the System Unit Scale in Max to Centimetres, then the sockets get imported at the correct scale, but of course the rest of the mesh is way too small (1 / 2.54 of the size)

So, what is going on here? Is there a bug with the socket scaling in UE4? Or is there something wrong with my Max setup or export/import settings?