Well - on my Kubota there are two knobs below the seat. One is attached to the seat and adjusts seat rebound. The other - down at floor level - adjusts the UP/DOWN speed of the 3-point lower arms.
I would guess you are talking about the knob that adjusts the lower arms. That knob should make several 360 degree turns. If it only makes a 1/4 turn - it's probably stuck. Do some snooping and see why it won't do the necessary turns.
When in the "full open" position the lower arms should drop like a rock. When in the "full closed" position the lower arms should not move either up or down.