Nope, it can't create the events.

does it still just say that it will then not actually do anything?

It will now say:

  I can't directly create calendar events for you, but I can help you create a 
  calendar event description. Please provide me with the following information so 
  I can create a detailed description for you:

  * Event title
  * Event date and time
  * Event location
  * Event attendees (if applicable)
  * Event description
  * Any additional notes or reminders
  
  Once I have this information, I can provide you with a calendar event 
  description that you can then add to your calendar.

And if you provide that information, it'll just format it, add a few tokens and just display it to you.