The reading settings determine how many posts are displayed on all your archives pages and home page if left at the default settings like you see in the above screen shot.
http://wpsites.net/web-design/set-post-content-limits-for-home-blog-archive-pages/

The Reading Settings do NOT control your blog page as this is controlled by the Blog Page Template settings Genesis includes under the Genesis > Theme settings. Lets look at an example of this: If your Reading Settings are set to display 5 posts, your home page and all archives will display 5 posts however your blog page will display whatever you set it to display.

Even though the Reading settings might be set to: Blog pages show at most 5, this only applies to the home page and NOT when using a static custom page with the blog page template for your custom blog page.