"Minimize Audio Files" does not work

Cubase
,
1
  1. Selecting a 3 minute long Audio event in the project window.
  2. Putting the left and right locator between 2.00 and 2.05 minutes.
  3. Choosing “Split Loop” from the Edit/Functions menu.
  4. Deleting everything outside of the left and to the right locators.
  5. Now there is only one event in the project window, an event that starts at 2.00 minutes and ends at 2.05 minutes.
  6. Choosing “Back up Project…” from the File Menu.
  7. Creating an empty folder.
  8. Checking the “Minimize Audio Files” and the “Remove Unused Files” boxes.
  9. Clicking “Ok”
  10. Opening the Pool window which now shows the files of my newly created back up folder.
  11. The backed up file which is 5 seconds long in the project window is still 3 minutes long in the pool windows.
  12. Dragging the file from the pool window to the project window creates a 3 minute long event.

Cubase 8.0.20 Build 468 (64 bit)
I’m on a PC.