Do a quick experiment making 4 objects each 100% in turn C, M, Y and K.
You will find that selecting the object with the Color Picker open doesn't mean the Color Picker is showing what the color of the object is.
To compicate matters a Shape can contain text and whether a select object is the object or the contained text is hard to tell.
Just another example of the bad UI choices Apple is making these days.
You can bring up the Graphic Inspector to view the Fill swatch which does represent the color of an object. That can be brought back into the Color Picker by double clicking the Fill color.
If you have made the four C, M, Y K objects above, each 100% of the process colors, you can drag the sample colors down to your small swatch array under.
Add a fifth object and set the color the way I showed you using using the Grey Scale slider:

Click on the tiny rainbow icon to the left and choose Black & White so there is no element of doubt as to the color space.
Then change to the CMYK Sliders and you will see what OSX is doing. It is reinterpreting the color space of the pure 100% K to cmyk.
To follow all this through to print you can experiment by creating a page of color samples set as above (each object can have its own color space) then print that out to color printer using whatever software you choose to separate the output to the cmyk plates. Acrobat Pro and Adobe Illustrator can do this.
My tests show that the 100K stays 100K:

To help you keep better track of these and make it clearer you are making the right choices you can create your own named set of swatches:

Peter