What is it with FamilySearch not knowing the meaning of the word "exact"?

Julia Szent-Györgyi

We've concluded definitively that the Find function's "exact" boxes are completely ignored and do not work at all. (See: https://community.familysearch.org/en/discussion/119548/exact-match-feature-in-upgraded-find-function-does-not-work/p1.)

So I tried Search - Records just now with the "exact" box checked on a placename, and it was utterly ignored:

https://www.familysearch.org/search/record/results?count=100&q.anyPlace=Stokes%2C%20Pitt%2C%20North%20Carolina%2C%20United%20States&q.anyPlace.exact=on

The string "Pitt" does not occur anywhere in the displayed parts of the first 100 search results, despite being part of the search term that has been marked with the "exact" checkbox.

So what DOES "exact" mean, in FamilySearch's language?