I just tried it and it created an omf file and then a folder full of wav files.
Next I tried it with embedded waves and that worked too.
There was a long log before they were created in the destination folder. Presumably they were being staged somewhere first.
I tried to guess at the folder in which they were being staged before moved to the final destination, but I was not able to guess.
I twice got 'unknown error due to invalid parameter', but the omfs were eventually created.