It should indeed do!

As to all these hundreds of rules - if you are only using the rules you have just made, then delete the rest! I would suggest that you save a copy of the original document, then in the copy you can delete ALL the rules and add back in your new ones - does it effect the working of the workbook? if NO - go for it, if YES, start again and delete a handful at a time - that way you can work out needed vs unneeded.
Have extraneous rules floating around in your workbook can clog it up as it is trying all the rules, therefore wasting time.