It does, but even holding it until it's maxed out, the ball still trickles along. The speed of the ball has definately been turned down.
As an example of how much ping-pong there can be from the constant tackling, I think I've played about 6-7 games so far in CM and Joe Labadie, my defensive midfielder, has never got less than a rating of 9.0 at the end of the match. Everyone else getting 6's or so. The reason why? He made 19/42 tackles in that last match, the player closest to that was a CB who made 7/16 and the other CB made 5/11.
Proof of how much it's a mess when the ball gets into the centre of midfield.
Turn off Power assistance/pro passing whatever. Now you can have all the power you need in passes.