It does not appear to be working properly ATM
Steps:
- define a custom view based upon the standard List view
- constrain the view to some custom collections, deselecting "Everywhere"
- the property "Configure View" dbox may, or may not, be updated, as you expected ... see related issue here re confusion when exiting MM5 config wizard dboxes
- try to exit the above dbox the "right way" so that the "Configure View" property dbox is as you want it
- Press OK
- re-open the config for the custom view ==> deselection of "Everywhere" has been ignored