Umm... That's something of a confusing statement.
True, you can change the Ambient Settings, and it won't have any effect on already-created Styles. But the Ambient Settings define the defaults that are used when you create new Styles (well, unless you have an override set at a lower level in the Settings tree, which is also possible).
So yes, there should be a setting for "Use Cardinal Directions" in the Label Style Composer, but there should also be such a setting in the Ambient Settings. But this feature is completely missing from C3D.
It might be added at some point, but it could take a while. After all, it took Autodesk *7* releases to add delimiters to large numbers. For years, they seemed to think that their nasty hack solution (involving Expressions and tons of different Styles) was adequate, and it took FOREVER to convince them that it wasn't.