I won’t get into a long explanation here, because it can be complicated. Without having measured the Cobra and settings I can’t be sure of the affect of the adjustment. The draw bias is most likely weight related, as Rlafoone stated. More weight in the heel of the club. Technically, assuming a square face at impact, opening the face angle reduces the effective loft at impact. Closing the face angle increases the effective loft, assuming square face at impact. You’ll just need to work with the adjustments and hit some shots and evaluate. That 14.5 deg. loft, if measured in the traditional way, is with the clubface square.