It does not. What it does do is submit the form, so if you trigger some fast change to the page or async behavior from the click event, you may never see it because the submission happens and the page reloads (or a different page loads if form action is set to a different URL). If you're relying on event bubbling, the click handler may run after the form is submitted, which is even less likely to do what you intend.

If you aren't expecting this (and don't know how to discover it e.g. by examining browser dev tools, server logs, etc.) then you'll assume the button is broken and... probably try something else.

Even if you do discover it, you may try something that won't quite have the same reliability - at one point it was common to see folks putting preventDefault() or return false in their click handlers to squelch the (correct) behavior, rather than changing the type of button.