The answer is: It depends....
I've checked the FCOM for A320's with MSN's ranging from the early hundreds up to 2000+.
It states:
'It is for information only (no action)'
However in the A330:
'The Flap setting is used by the FWC to trigger the FLAP/MCDU DISAGREE ECAM CAUTION'
It is quite possible that this feature has been implemented in the newer A320's as FlightDirector7 states.
Check FCOM 4.03.20 to see what your aircraft does.