No. Sorry I can see how it is poorly worded. Alpha and mask pixels are not included in the collision test. I think the performance issue is because a rect collision is performed first (I think).
Anyway, it should be simple to test using :
Strict
Graphics 640,480
AutoMidHandle True 'image will rotate around it's center
Local image:TImage=LoadImage("circle.png") '64*64 with 20 diameter circle
Local image2:timage=LoadImage("hollow_rect.png") ' 64*64 hollow rect
Local x:Int,y:Int
While Not KeyHit(KEY_ESCAPE)
Cls
ResetCollisions
' draw the first image at 5 times the size and on an arbitrary angle
DrawImage image2,200,200
' add the first image to the first collision layer at same postion, rotation
' and scale as it has just been drawn
CollideImage image2,200,200,0,0,1
' move the other image relative to the mouse and rotate it continuously
x=MouseX()
y=MouseY()-20
DrawImage image,x,y
' test the image at it's current rotation, scale and position with images
' that have been added to the first collision layer
If CollideImage(image,x,y,0,1,0)
' reset scale and rotation states so our text is drawn correctly
DrawText "COLLISION!",20,20
EndIf
Flip
Wend