Panelizer options on new content type different to existing content types

When creating a new content type, under the Panelizer section, you get a long of options. If you check the Full content box and create a new node of that type. You can set up the panel layout/context/content etc although it doesn't affect anything.

If you go back and edit the content type, the list of options is shortened with the Full content option taken out.

I'm guessing when creating the content type, it should look more like the edit selection screen with less options.