Actually, it seems to change the temperature of the lighting. For example, the program has "daylight" (the default screen setting) as 6500K, and the nighttime setting at "tungsten" or 2700K. I think it does work in the manner you said that is, something to do with melatonin production and eye fatigue.
EDIT: It seems the program changes the actual backlight. I snapped some photos to highlight the difference.
2700K (Tungsten)
6500K (Daylight)
The difference is a lot more apparent in-person, but you can see the difference in lighting temperature between the two.