This is done by design. When using an UI step it works like expected, however when using code for example:
It will not reach the WaitForExist/Visible method at all, ti will fail at the BingDiv part with element not found. Since it fails with element not found in this case the global Wait On Elements will apply not the Wait.ForExists();
Refer to the screenshot attached.
In order to achieve this you should find the element in code and wait for it.
Hope this helps.