No log output to debug terminal in SES or RTT Viewer

I cannot get the NRF_LOG messages via RTT to the debug terminal in SES or RTT Viewer.
My setup:
HW: PCA10040 1.2.4
SDK: 15.3
Project: \nRF5_SDK_15.3.0_59ac345\examples\ble_peripheral\ble_app_hrs\pca10040\s132\ses\ ble_app_hrs_pca10040_s132.emProject
SES: 4.16

My project compiles and it runs. I can see the Nordic_HRM device from my phone when the app is running (in debug mode and by downloading the app). I can set and hit breakpoints.

I expect to see this line printed to the integrated Debug Terminal in SES but I do not.

My modifications to sdk_config.h:

NRF_LOG_DEFERRED 0 (tried both 0 and 1)

I can very rarely see the log output with RTT Viewer with the following settings:

and the following log tab:

It seems to log once if immediately after starting the RTT Viewer if a new instance of SES is running. After that, I can restart the board, the app, start a new debug session, etc and I will never see another line of output.

I confirmed I have the correct target device selected for debugger.

Any other ideas or support? Many thanks in advance.