as far as I know, the feather option will affect your Flight Model (FM). However, I have not seen any aircraft replicated this features together with prop pitch onto the 3d model itself. It is not impossible to do actually, but changes needed to be taken on both 3d (making a new propellor which show "feathered" prop) and add a trigger with java coding. The worst part is that this have to be done to each and every aircraft available. Even if we create an implementation TypeFeatherProp, the 3d model and aircraft itself still needed to be modified individually to enable this features. What I am saying is that it is totally possible but considering the weight and amount of work required (like there would be at least a dozen of P-38 arounds), it might not be consider anytime soon.
However if any aircraft modder would like to add this feature onto their newly built aircraft, you could contact me and see what we can do about it.