The opposite, on a site the machines have found. An attempt from a locked-out address is refused before WordPress looks up the user and long before it checks a password — a password hash is deliberately slow, and refusing early is the difference between five hundred slow operations a minute and five hundred database reads.
On the front of your site it does nothing at all: nothing loads for visitors, and no query runs on a page that is not a sign-in.
Still stuck? Ask the developers who wrote it. We aim to reply within one business day.
