Customising timestamps on graphs

I have the following graph:

And I would like to format the timestamps to make them more readable, so omitting the full date (month day and year) f.x. would be nice. Is there a way to do this?

You can, see Management > Kibana > Advanced Settings > Date format.

That doesn't seem to have any effects. I also tried changing Date with nanoseconds format which didn't have any effect on how dates are shown on the dashboards.