User-Created Permission Sets Not Working

Overview: I created permissions sets and assigned them to users, but they aren't conferring access according to the contents of the sets

Steps to repro:

1. Log into demo test as diku_admin
2. In Settings > Users, create a permission set "Can edit users and inventory all" - includes "can edit users" and "inventory all"
3. Create a new user
4. Assign the new permission to the new user
5. Log out
6. Log in as your newly-created user

Expected results: Newly-created user's rights should be as if the individual permissions that make up the assigned custom set had been directly assigned

Actual results: No app icons display at all (except Settings). It's as if the new user has no permissions at all.