What actually happens: When you background the app, Apple takes a screenshot to do the fade-out animation with. This caused a bit of hubhub a few years ago because if you jailbreak you can find the screenshot of the last closed app .
It's actually the developers job to give a launch image for the app itself, and the apple guidelines are that you should aim to emulate your app's homepage with no data in it. You don't have to, we don't at http://art.sy - Which isn't Apple taking a screengrab.
A simple way to think about this is, what happens if you open the app in a different orientation a screenshot wouldnt work then.