You can find the relevant setting for the margin in the menu Options - Preferences - General.
Regarding your other question: Yes, the FCC once introduced the parameter "percentage modulation," which is still in use today. The FCC's concept of "percentage modulation" provides a convenient way to define and evaluate regulatory modulation limits. It does not establish a physical unit of frequency deviation, nor does it require measuring instruments to display frequency deviation in percentages instead of kHz.
Frequency deviation remains a physical quantity expressed in kHz, while percentage modulation is simply a derived, dimensionless value referenced to a specified frequency deviation (75 kHz in USA).
Since the P275 also provides advanced frequency deviation analysis, including deviation histograms, it is important to retain kHz as the fundamental unit of measurement throughout the instrument and the software. Replacing kHz with percentages would, for example, result in histograms x-axis expressed in percentages. While mathematically valid, this would be unnecessarily confusing and counterintuitive.
The FM Scope supports % in the FM deviation bar, you may toggle the unit by clicking on its scale.