What is "World Space" on the UV window actually doing?

From the documentation:

"UVs are aligned to the World - this ensures textures on same-angle faces will always line up, but UVs will not stay put when moving the object."

It sounds like after setting this, moving the object should result in the texture scrolling over the face of the object, instead of the texture moving along with the face. But that doesn't seem to be happening. Example: Create a cube, select a face, set its UV to "World Space", then drag the cube around. The texture moves along with the cube.

So what's actually happening here? It seems that if I move the face itself using the face tool then the texture slides over the surface. But if I move the whole object, the texture moves with the object. Is that intended?

 

It's now 2022, and I'm still seeing the same issue. Not sure if this is a bug or the intended use but I want the material to be world space and not move with the object.