Help me understand Livewire modelable

If I have a full-page Livewire component, with a child component I pass a Modelable property to, does updating the child component's property, also update the parent's property?

Ex:

Parent component:

Livewire\Users.php

class Users extends Component
{
    public bool $newUserModal = false;
}

users.blade.php

<!-- ... -->
<div>
	<livewire:create-user wire:model="newUserModal" />
</div>
<!-- ... -->

Child component:

class CreateUser extends Component
{
    #[Modelable]
    public bool $newUserModal; // <- Does updating this value within this class, update the parent's property value as well?
}

Maybe I'm just having a hard time seeing it, but I can't seem to find out through the documentation pages. From the little testing I've done so far, it doesn't seem to be the case. Which I find a little odd, since it's kind of expected behavior.