No it really does work correctly, I was surprised myself how well. The previous model didn't (as good at all).
Of course, both get dimmer but not at same ratio which you can compare when you compensate exposure (and normalize it).
When comparing to photos or things you remember visually, you have to account for all the variables that happen. Dynamic range (of your eyes or camera), post-production, clouds in the sky, architecture & nature occluding and bouncing light, etc.
Right now, minus the existence of cloud simulation within the Sky model itself, it replicates the light almost exactly to reality.