Summertop: No, Fencer changed it awhile back so it does not act like a "vacation" day where an extra day is added to all games.

It is now a "no-timeout" day - and that will only add 24 hours to games that time out during that day. (so if you have 2 games ready to time out, one at 11:40pm, and the other at 1:05am the next day - it will take 2 so-called vacation days to make sure these do not time out.)

I believe Fencer likes the idea of only being able to use 4 or so auto-vacation days at a time, but just not put into place yet.