I just tested this and it seems to work by default on Linux but not on FreeBSD. On both the address is configured as 127.0.0.1/8, i.e the whole block. Go figure.
This discussion [1] sheds some light on the matter, but does not fully explain the reasons for differing behaviour across OS's.
[1]: https://serverfault.com/questions/293874/why-cant-i-ping-an-...