Well, no, it has two functions : the first is to finish cooking the rice, which takes place as it absorbs any residual moisture; and the second is to dry it so that it can be immediately fried. For pulao, I fry the spices first (in the casserole), then add the washed, soaked and dried rice and fry for a further two minutes; and then I cook for the full 12 minutes, after which I leave it to rest for a further 20 minutes; but if I am cooking fried rice, then there is no pre-frying, straight in at full power for 12 minutes, then rested for 20 after which it can be immediately fried with zero chance of sticking. For boiled/steamed rice, you can probably shorten the resting period to 12 minutes or so.
** Phil.