No it doesnt.

sub _ { 'compile time '.@_};
local *_ = sub { 'run time '.@_};
# the above is what your module/init code does
my $c = _(1);
die $c;
__END__
run time 1 at - line 6.
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You were saying that $c is one thing at runtime, another at compile time. Its only something at runtime.