"Use existing console" option causes code changes not to take effect in future uses of the run button

After one of the recent updates to PyCharm Professional, the "Run" functionality has started creating a new console tab on each button press. i.e. where it use to rerun the code in the same console tab on each new press, it now creates a new tab for each without closing or stopping the run attempt in the previous tabs. Google told me to enable the "Use existing console for 'Run with python console'" option in Settings -> Build, Execute, Deployment -> Console. This solved the multiple console tabs issue but created a new one.

With this setting enabled, I can run the code in a single console but if I alter the code and try to run it again, it will not recognize the changes. The files are still being updated locally and executing the code with python in my regular OS terminal reflects the updates, but not PyCharm. e.g. if I have working code and type "codebreaking error" on a random line, PyCharm will continue to run the code and the terminal will error out or vice versa if I start with broken code.

Chances are I broke something myself and any help is appreciated!