So that's what I use: One RAW file is recorded and a monochrome JPEG. Being as this is a 2010-vintage pocket camera, it takes it a hot minute to write that 24MB .SRW file. If you just wanted to turn the camera on and pop off a quick shot or two then shut it back off, you'll be waiting a few seconds for the green "Busy" LED to stop blinking before it'll retract the lens and power down.
The Classic setting gives you a pretty stark and contrasty B&W effect.
Here's what the scene actually looked like, via the processed RAW file: