Once you set that did you Download Updates with these selected:
It will download only what is needed and cleanup the directory, you might want to set the days to something other than 365. I have it set that far because of our broad network and mobile users and I have a drive space of at least 500gigs which patch uses as much as needed. You could also maually delete and patches from 2012 if you have any and your schedule download will download what is needed for those devices.