When you have a function definition with a long parameter list, formatting will work according to the "Method Parameters" setting. I chose "Never".
When you have an assignment, it will respect the "Assignment Operators" settings (set to "If Long").
But when you have default parameters, I would certainly prefer Netbeans to respect the "Method Parameters" setting instead of "Assignment Operators".
Imagine "long" is given at this position: |.
public static function test($a, $b = 2, $c = 3, $d = 4)     will become
public static function test($a, $b = 2, $c =
3, $d = 4)
[Depending on "Wrap after Assignment Operator", the line is wrapped before or after the equals sign].
The least should be that the second line is indented accordingly (as if "Method Parameters" were "If Long"), but I would recommend not to wrap this line at all if "Method Parameters" is "Never".