No, it does not convert RAWS to JPEG. It Extracts the JPEG embedded in the RAW, makes a copy , creates a subfolder in the same folder as your RAWS and places the JPEG there. To use it all you have to do is right click on a RAW or select a group of RAWS and select IJFR and click extract.
Simple, easy and painless.
If you are referring to the 4-step process I described above, I don't think you are right.
The JPEGs I get from this process are very large, almost as large as the RAW file.
I also never use the RAW + JPEG option, but shoot RAW alone.
Or would you say that even if I shot RAW only, there would be a JPEG embedded in the RAW file? As far as I know that can't be, as a RAW file rather looks like a TIFF, which is very different from JPEG.