The options "Search Library Path" and "Also search Browsing Path" of Project Dependencies only decide which folders the dependency scan uses (TfmProjDepend.LoadFileDependencies).
Opening a unit that is not part of the project (TfmProjDepend.OpenUnit) calls Ota.OpenFileFromPath(UnitName + '.pas'), which always searches the library path and, with the fix for bug #553, the browsing path as well, whatever the options say.
Either the options should apply to opening a unit too, or their description should say that they only affect the scan.
See also bug #567 (the options have no effect on the scan either). Found while reviewing the fix for bug #553.