No.
The wording of the Recording Rule gives a hint, "Do not record programs that have been recorded in the past". The rules don't say "Do not record programs that already exist in the Library".
The only way MC knows that a program has been recorded in the past is if it has a value in the [Recording Rule ID] field. Generally, the existence of a value in that field is how MC determines that a file is a TV recording. That field isn't editable. I think there was some discussion about making it editable some times ago, but apparently that would break too many things.
Maybe there is a case for an extra rule that does take into account what is already in the Library, as defined by [Series], [Season], and [Epsiode]. But that doesn't exist at the moment.
Of course, I could be wrong. I can't take advantage of that rule very often because I have poor EPG data, so I'm going by memory. But your observation confirms what I have said, I believe.