No, adaptivity works the way it should. It's just not right to assume adaptivity means faster rendering. What adaptivity does is ensuring the rendered image converges more evenly.
You can see that on Cecofuli's second test. Compare 1.7 adaptivity on and adaptivity off columns. You can see that adaptivity off makes area around the door and chair cleaner, but area in DoF and area where the bronze sculpture touches the floor noisier. Adaptivity on makes noise level roughly the same across the entire image, so area around the door and white chair has about the same amount of noise as the area around the sculpture touching the floor and scultpure in DoF.
Practical way to think about it is following:
Previously, when Corona did not have adaptivity, you would render your image for 1 hour, and it would be quite clean, but there would be a few hotstops of noise, which would take many more passes to resolve, so to get completely and evenly clean image, you would need to wait 4 hours.
Now that Corona has adaptivity, after that 1 hour, you may get an image, that is more noisy on the areas where adaptivity off was cleaner, but less noisy on the areas where adaptivity off was a lot noisier, so instead of taking 3 more hours, it may now take just 1 hour to get completely clean image. Therefore, to achieve relatively noise-free image, without any hotspots of noise, it can now take just half of the rendertime. Sometimes more, sometimes less, but generally, it's significant improvement.