Can Windows 2008 R2 DNS set TTL per record

The actual traffic rate to the site is irrelevant.

All of those settings (except for "default TTL") only affect how frequently your domain's secondary DNS servers poll the primary DNS server for updates.

If your zone only changes infrequently (which I believe yours does) then your value for "refresh" is currently a bit on the low side. Typically the primary should send a NOTIFY message to each of the secondaries whenever there's an update at which point the secondaries grab the zone file immediately. These days the "refresh / retry / expire" mechanism is only a backstop to that.

In any event, it's likely that your DNS provider is automatically syncing changes to all of the relevant DNS servers on the fly without using DNS's built-in synchronisation mechanisms so the actual values are probably irrelevant.

Note that the "default TTL" field no longer means what it says. The real default TTL is set (in BIND at least) with the $TTL directive, and that's only used when there isn't an explicit TTL set on each record.

The "default TTL" field's meaning was changed in RFC 2308 and it's actually a hint for negative caching. If your server returns a negative response (e.g. NXDOMAIN or NODATA) it's how long the remote server should wait before trying again.

The current value is a bit on the low side, but there's no harm leaving it as is. It's often ignored anyway.

If you have Active Directory enabled DNS, are you sure you're querying the same DNS server as you're writing the change to? If not, make sure you allow time for replication.

If it's not AD-enabled, are you closing the DNS console before querying? I'm pretty sure I read something about changes not being committed until you close it - sounds nuts, doesn't it, but I've never had non-integrated DNS so I've never been able or needed to test this.

EDIT

Is this what you're using? It says this "When the DNS_QUERY_STANDARD option is set, DNS uses the resolver cache, queries first with UDP, then retries with TCP if the response is truncated, and requests that the server to perform recursive resolution on behalf of the client to resolve the query."

If you've looked up the record before making the change, it'll be in your local DNS cache. If you're using this option, the function will check your cache and won't go to the server if it finds the record in there.

ipconfig /flushdns 

should clear your cache.

ipconfig /displaydns

will show you all cached records.

If this doesn't solve it, it gets more complicated as DNS servers can cache records as well, depending on their configuration.

If you've made the change and the (original) TTL period has expired (by which time it should be out of all of the caches) and you're still not seeing it in DNSQuery, I'd talk to your DNS Admins.