Yes, that is the right location. Even if you attempt to change the grid in some other way, you are likely directed to the same dialog. Grid settings in KiCad V8 have become a bit complicated though. You can can set different grid overrides, and those overrides can be switched on /off with the grid icon with the red lock in the upper left corner.
I have first set the Grid, and grid overrides for connections and wires to 50mils (I believe this is a global setting, and not project specific (you did not include the project / project files anyway.
And then, after aligning items to the grid, it does not align the hierarchical sheet labels, and these get misaligned.
Also, right after the Align Items to Grid you see little fat squares on a lot of corners. These look a lot like the open ends of connections, but they appear to be just some rendering artifact.
At the bottom, right center, of your screen, under the workspace, you will find your current working grid.
It is in the same location on all four editors.