Oh see Dan that last thing here I did not know. My assumption was always that you couldn't use the override on email and engagement programs, but all programs understand the default setting in the admin the same way. I'm going to go off and test that one now.
Veronica - For email programs, the override is found within the Settings (unlike the Schedule tab of smart campaigns). This checkbox is "checked" regardless of the setting in Admin:
For EPs, there is no setting - so additional testing will need to be completed to see if comm limits act the same way here. For us, we use nested programs within our EPs - and can disable this within the smart campaigns if necessary (we always leave it enabled).