Hi
With the Crop effect set to No Restraint, the crop area sides are independent and you can adjust the rectangle any way you want to cover the area desired.
Setting the AR to one in the list does just that..any adjustment of the rectangle always keeps the AR you have set (From the smallest to the largest.) Setting 9:16 may have worked also
In Borate's solution it would seem that setting the Transform effect to 9:16 reduces the png image to an AR that fits OK over the underlying image without the need to Crop. Just different ways of achieving the same result.
Nat