What effect does the "io.rancher.os.reloadconfig" label have?

This might be a silly question, but the only documentation I can find is a bit vague and simply states:

When set to true, it reloads the configuration.

By digging through the source, I’ve surmised that it causes a re-parse of the entire project/stack configuration, followed by recreation of containers, if necessary. Is this essentially correct? Regardless, could someone please explain with finer granularity?