Unfortunately, this utility formats the SD as FAT32, but the Arduino SD lib wants FAT16. So the tool is useless.
SD cards are designed to be formatted with a layout that matches the card's flash chips. SDFormatter produces the optimal layout by inserting hidden sectors to adjust the layout to chip boundaries. SDFormatter chooses an appropriate cluster size. There are no options for the standard format.
SDFormatter uses FAT12 for very small cards. FAT16 is used for cards <= 2GB, FAT32 for cards <= 32 GB, and exFAT for cards larger than 32GB.
The SD library supports FAT16/FAT32 and is optimized for the layout SDFormatter produces.