I created a test profile and created a description and posts with "Activate all persons after creation automatically " unchecked. Then I checked "Activate all persons after creation automatically" and then edited the profile. After that, the system put the profile in pending status, but in studio>accounts>manage, the profile still showed up as active and there was no notification to admin so there is no way to know that an existing member is in pending. The test profile received an email, but admin did not.
This is weird. I need to navigate to page/persons-administration. If I go to people and click on manage, it only shows profiles created my me and I am the admin. But I still won't know when someone creates a profile because there is no notification.