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Yup: there's four possible outputs of the conversion process:
1. Assume input is full range (--input-range), convert to full range (--range).
2. Assume input is full range, convert to limited range.
3. Assume input is limited range, convert to full range.
4. Assume input is limited range, convert to limited range.
The encoder then encodes the resulting stream and flags it based on --range. So based on which conversion is done, the output might be different. The "doesn't affect output" can be seen with cases 1 and 4: no conversion is done here, so the encoder will get the same input no matter what you do, so the output should be the same.
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