Symlink behavior with Dropbox on Windows

Question

Does Dropbox still sync symlinked content on Windows? The documentation suggests it shouldn't, but I think it currently still does.

Documentation

Per this Dropbox Article, Dropbox no longer syncs symlinks.

As of mid-2019, Dropbox no longer follows items outside of your Dropbox account that are linked to by a symlink.

[...]

If you create a symlink that links to an item outside of your Dropbox account, when you sign in to dropbox.com you’ll only see the symlink file but not the content it links to

Reproducing the Issue

However, this description does not seem to apply to Windows, either for symlinks pointing to files or folders.

# in "C:\Users\vince\Desktop", outside my Dropbox
# I created the file `foo.txt` 
# I also created the folder `quas` containing the file `wex.txt`

C:\Windows\system32>cd "C:\Users\vince\Dropbox"

C:\Users\vince\Dropbox>mklink bar.txt "C:\Users\vince\Desktop\foo.txt"
symbolic link created for bar.txt <<===>> C:\Users\vince\Desktop\foo.txt

C:\Users\vince\Dropbox>mklink /D exort "C:\Users\vince\Desktop\quas"
symbolic link created for exort <<===>> C:\Users\vince\Desktop\quas

# files synced to Dropbox still contain symlinked content, rather than simply being symlinks.

OS and Version Details

I'm using Microsoft Windows 10 Home. I currently have Dropbox v87.4.138 installed.

Background

I'm interested in understanding how symlinks interact with Dropbox because I'm trying to address a situation where I would like only some content in a folder to be synced.

Specifically, in a Dropbox folder bar, I have a file (foo.lrcat) that I want synced and a folder (foo Previews.lrdata) containing content that I don't want synced (because the folder is large and has content that changes often). The program I'm using (Lightroom) requires that the foo.lrcat and foo Previews.lrdata be in the same folder.

Depending on the expected behavior in Dropbox, I'd do one of the following:

1. If Dropbox syncs symlinked content, I would move bar out of Dropbox and create a symlink to foo.lrcat from within Dropbox.
2. If Dropbox does not sync symlinked content, I would move foo Previews.lrdata out of Dropbox and create a symlink from within bar to that folder so that Lightroom still has access to the information.