Depends. I have changed settings under load on various breakers without a spurious trip. But it was done with production knowing the risk of the breaker tripping & personnel on standby. If the rotary switch open circuits or creates noise during the switching it could fool the circuit and trip. With today's knowledge of arc flash, I would not do it hot.
As a side note, in the 1970’s, two workers were killed adjusting a MCCB instantaneous trip on a panelboard main breaker at a telecommunications facility. The adjusting screws for each phase were part of the magnetic trip assembly integral to the trip unit. The panel was bottom fed with the main on the bottom, reverse fed. Adjusting screws were still energized with the breaker was open. Safety relied on the insulating quality of the molded, slotted knob on the face of the breaker. A metal cover partially obstructed the adjustment knob’s slot.
To insert the driver into the slot, the electrician had to pry on the plate's edge. The insulating button cracked and a ground fault ensued through the screwdriver. I don't recall if it was a service entrance with slow or no upstream protection or a feed from a switchboard. The arc killed the electrician and his co-worker.
The company had many installations using the same design around the country. They hired local testing companies to inspect the similar panelboards for the same issue. We found and mitigated a couple instances in our area.
If you’re adjusting MCCB trips, do it dead and make sure it is not reverse fed!