Does iTunes Mac version 12.1.0.50 know about iCloud Photos?

My iPad Mini reports in General | Usage that it is using 440 MB for photos and camera.

iTunes Mac version 12.1.0.50 reports my iPad Mini is using 13.05 GB for photos, and that the device is Over Capacity.

This version of iTunes Mac also reports "iCloud Photos is On."

Is there a version of iTunes for Mac where the memory usage report takes into account that photos in iCloud do not use memory on the IOS device?