That is the correct behaviour, as all of the theme elements are already scaled up to 150%, in order for it to work it changes the screen scaling to 100%.
Interesting. I don't know if this looks right but if I compare it to a theme that sets it to 100% I find the UI is just as small if not smaller. Unless the other theme is also 150 maybe and that's why it looks the same? Seems super tiny still on my 1440p monitor:
I see, in the case of using 1440p display, I’d recommend using the 150% theme AND setting the screen scaling to 200%. This effectively gives you 300% scaling.