Yes, it's not working as expected.
In your scene btw:
You have lights with the Corona Light Mtl applied. You should just have regular geometric objects, not lights :) In this instance, two planes, with the CoronaLightMtl applied. Using a Light Material turns that geometric object into a light source. It should be one or the other - a Corona Light, or geometry with a Light Material applied.
Then the Specular only light material should have Emit Light unchecked in the Emission tab (as you don't want it contributing to GI). This should stop it casting light into the scene, with the Advanced tab keeping it showing in reflections and refractions. However, unchecking Emit light does not stop it emitting light at the moment.
The Diffuse only would keep Emit light checked, and have the other options in advanced unchecked. Again however, unchecking Visible in reflections for this material is not making it invisible in reflections like it should.
So at present, this is not working as expected, even with a correct scene setup. Attaching the scene as I'd set it up (just used spheres for the geometry rather than planes, but could do it on any object - there's no performance penalty for using geometry with LightMtl applied vs an actual CoronaLight), even though the scene is not working as expected at present.
PS - C4D R19, Oct 13th build of Corona.