That build log property works together with Options->Projects and Solutions->VC++ Project Settings->Build logging
and it only has effect when building inside Visual Studio. Internally visual studio does something like
msbuild /t:Rebuild [Properties] [FileLogger parameters] xyz.vcxproj
for each (C++) project in the solution. For all possibilities for the FileLogger parameters, enter msbuild /?
on a command line - when VS invokes msbuild they would be equivalent to
/flp:Verbosity=[verbosity set in 'Build and run' in VS];LogFile=[value of BuildLog property]
Replicating this behaviour exactly when building the solution from the command line using msbuild is not easy, also see this unanswered question which is basically a duplicate: you'd have to parse the solution and get all projects out of it, then parse those to get the value of the BuildLog property, then invoke msbuild for each.
What you can do instead: use VS to build from the command line:
devenv xyz.sln /build
or use msbuild and gather all output in a single logfile
msbuild xyz.sln /fl:LogFile=xyz.log