Premiere's preferences are located in more than one place and lack proper documentation (from an administrative perspective). Some exploration and observation is required to obtain an understanding of their structure and associated behaviors. Don't worry, things don't get too convoluted.
To many, Premiere's lack of settings manageability does not pose a problem. It has virtually no effect on an individual user (even one working professionally as a freelancer). It may also be of little concern to an organization where editing is not a business critical task and/or only a handful of users work in the software. Yet, in an enterprise that maintains a cohesive collection of workstations where editing is the primary task, it can create some significant issues.