Fan speed for asrock is in levels and that is actually the speed of the fan at normal operation or in other words, the lowest speed it will go (I have mine set to level 1 for lowest rpm/noise). The target temp is when the fan will speed up to about max speed, pwm doesn't seem to ever go to 100% on any mobo, (I have mine set to 60 with non-OC settings, 70 for OC). This is usually high enough so it doesn't kick in for most games but low enough so that cooling won't be an issue.
The last time I updated my bios, the defaults did put the fan on high, at all times. So setting the speeds/temps is necessary imo.