No it does not, you are not hearing it right. The metronome is clicking the
eight notes not the quarter notes now. The tempo stays the same, you are just not feeling or hearing it correctly. Studio One actually handles all this the best.
Set up a 3/4 time sig and and feel the tempo. Now set up 6/8 and tempo does not change, instead the metronome gives you 6 eighth note clicks now instead of 3 quarter clicks. Make sure your
accented click is louder than the others too so you can still hear where '1' is. (or better still change the sound for the accented note and you will hear nothing has changed tempo wise just the number of metronome clicks has doubled)
I could do a piece easily that
Bob may be talking about and change the time sig anywhere along the timeline. And the tempo will either remain constant but the metronome will change at the time sig changes or you could go one further and change the tempo as well. I must admit though I am not sure how it would handle all the 4/4 loops in this scenario though, have not tried that.
BTW that video that demonstrates how 6/8 can be counted is nice except it is only good if the number of eigths are even. What happens when the number of eigths are odd eg 7/8. There are various ways 7 (eigth notes) can be subdivided so I like the Studio One approach of keeping all the eigths the same. That way you can subdivide them anyway you want.