Why is "Report" link still displayed in Reviews when I set "Show Report" to 'No' under the 'Feature' tab in configuration?

Show Report under the Feature tab is used for reporting a listing, not a review. To disable "Report" link in reviews, you can configure it under Permission. Go to:

Mosets Tree -> Configurations -> Edit Permissions... (under "Main" tab)

set the permission for Report Review to "Denied".