I'm looking for an explanation more than a resolution.
I have just realized that there is an importance in the choice of the edge when creating a sheet metal piece from an incomplete cone; indeed, depending on whether we choose the edge inside or outside, the K factor is reversed.
This is not the case for a cylindrical part.
Have fun creating a sheet metal piece with my example by changing the edge and you will surely understand better.
I just did some tests and checked your settings. With the factor of 1 (=1x thickness) it will take the opposite side for the dev. So if you select the int edge, your dev will be taller and the ext edge, the dev will be smaller. To have the neutral fiber you have to put a K factor of 0.5 ( = 1/2 ep). Put 0.5 and your developed will be identical whatever the selected edge....