No. PI's readouts work at a much higher level. Its only a way to represent the values for the user. As such, the user may define whatever range he wants. It does not change the pixel values themselves, just how they are displayed.
Internally, at a very low level, they always keep the native range. At a medium level (where the algorithms work in the PCL... the processes that make all the magic) they are all translated into the normalized range, and treated as floating points. The PCL itself adjust all the ranges to the proper native bit depth.
So, think that the readouts are something like the Screen Transfer Function. It is just a representation of the data. Not the true value itself (although it can be if the native and the readout ranges match). And, over that, every process in PixInsight will work in the normalized range, so even when you have an integer image, you have to use floating points values in the 0 to 1 range to set the parameters (for example in the histogram or curves).