Legal Question in Civil Litigation in California

Yes. Sometimes a creative lawyer could carve out the objectionable exceptions from the 1542 waiver, though.

A settlement is just that, a settlement. Either party can agree to settle or not settle on any terms that they want. If they won't settle without a waiver of your Section 1542 rights then they don't have to.

As to the time issue, the only "deadline" on settling is the expiration of the statute of limitations for the claim. Even that is not really a deadline because someone could, if they wanted to, settle a barred claim.

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The law never requires anyone to settle. And most lawyers would insist on a 1542 waiver as part of a settlement agreement. If the other side insists on a waiver and you refuse, then you don't have an agreement. Without an agreement the case will not settle. You have the option of going through trial instead if you want.

Your question implies that you might be trying to settle a serious case by yourself, which is nearly always a bad idea.

No one who knows anything about the law or has even the dimmest lawyer for counsel will settle without a 1542 waiver.

Duh. Settlements are voluntary agreements as to all terms.