Actually, it does. Here's why.
In the version prior to 0.7.40, conversions from any format to epub, only took about 30 seconds on both my PC and Mac. Admittedly, I was not inserting the metadata page.
I have now turned off this option. I copied 12 books to both my Mac calibre library and my PC calibre library. I selected these 12 books and started the conversion on both the Mac and the PC. On the stop watch, forty seven minutes later, NOT ONE book had been converted on both the Mac and the PC.
Bug?
Hence my late reply to you Manichean. I was busy trying to set up this experiment.
Cheers.
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