The 50 ohm or Hi Z settings are just for ease of use. if you set the generator for 1vpp into 50 ohm, it will output 2vpp into open circuit, and when you measure it with an oscilloscope which doesn't have a 50 ohm input, it will act pretty much as an open circuit, so the oscilloscope measurement will be 2vpp. If you set the generator for 2vpp into Hi Z, it will still behave like before, and your oscilloscope will read 2vpp. The only thing that changes when you set your generator for Hi Z or 50 ohm is what the generator displays on the settings, it will not change the actual output voltage. It behaves like this, again, for ease of use and readability, so that when you are connecting the generator output to a 50 ohm load, you don't have to divide by 2 in your head the setting in the generator to know what the voltage the load is seeing is.
to sum it up, if you connect a high impedance load to the generator, it will always see the voltage set into Hi Z or twice the voltage set into 50 ohm. If you connect a 50 ohm load to the generator, it will always see the voltage set into 50 ohm, or half the voltage set into Hi Z. The High Z or 50 ohm settings on the generator are only for display purposes.