This still has not been resolved. I am in the same situation.
Admin Bar > Site pages: Admin bar :disabled
General > Exclude AGCA admin from customizations : checked
General > Security > delete_users / edit_users / edit_dashboard
Changing the capabilities does not seem to matter.
Even if you enable the admin bar for all users, and the General settings for exclude admin is set, and on the default capability role it’s set to edit_dashboard, when an admin goes to the front-end of the site the changes are still visible, such as the “howdy text”
To make the goal clear, it would be nice to have the admin bar hidden for ALL users except the admin. Unfortunately this currently does not work, although it is an option.