For some odd reason, my required fields for creating or editing an issue are not enforced. I can create or edit an issue without an error saying "Application (non-ITAR), Component/s, Date, Description of Issue, Enter By, LRU, and Summary are required fields".
Based on your screenshot the validator would only come in play when you click the Edit Log Entry transition. If you want to make the fields required when creating an issue you need to set the validator on Create. If you also want to enforce it on Edit you would either have to set the fields as required in the field configurations or use an app like ScriptRunner to make them required when editing.
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