The settings in the GUI are fine. Does your BIOS have anything specific for S3 state (your attached pictures don't show that) ?
The error with line 330 refers to the script trying to set S3 sleep state
(echo -n mem >/sys/power/state)
, but somehow your system doesn't have the entry /sys/power/state.
As far as I can tell the system does support S3 sleep I tried disabling deep sleep I get the same error the option suspend mode gives me the option to enable or disable I tried setting it to disabled still the same error. so I have no idea. https://gyazo.com/b149351d4712406123535b93d9e3909a
The manual mentions it in the led section about it blinking when in S3 sleep which makes it sound like it does support it I may have to contact the company and ask.
ftp://europe.asrock.com/Manual/E3C204-4L.pdf