Under these conditions record quantize is essentially ignored:
1. set record quantize to 16ths
2. set a four bar loop in arrange, hit play
3. at some off-bar position in the loop hit record and record a short phrase
Notice that the notes are quantized to sixteenths, but since the resulting clip loop is off-beat, the notes don't play in 16ths relative to other notes. Consolidating the clip reveals the timing differences - the notes are no longer quantized.