I just tried and it does, but there is something strange going on.
I got two languages; Dutch and English.
Whenever all standard languages are set to Dutch and I change the English store description it keeps showing the Dutch description in the BE, choosing English still shows the Dutch store settings.
When I change the default languages to English, I see the English store description, but not the Dutch.
In the frontend I see the Dutch store description when I choose for Dutch and the English store description when I choose English.
So it is there and the changes are made in the not default language, however it just doesn't show the not default language in the BE at the store settings.