Upwork is making its website more and more relevant to both freelancers and clients and doing what’s needed. I noticed this setting just today morning after checking settings for my saved searches. This is a good addition by Upwork in saved searches settings so far as freelancers can filter out jobs that do not offer their hourly rates.
I mostly set the lower rates for both the hourly and fixed price jobs so do not have to check them again and again and reject them not fit for myself. This setting will save a lot of time and make freelancing more productive connecting the right clients with the right freelancers. After doing this I am getting more relevant jobs on the job feed list.