Racket CS works similarly to traditional Racket in this respect -- compiled libraries still contain the results of macro-expansion and inlining from their dependencies, and generated executables still bundle everything together in a way that's not easy to re-link.

It's more the other direction that's a benefit -- traditional Racket makes fundamental use of several pieces of LGPL software, such as GNU Lightning and libgmp, but Racket CS does not use them and Chez Scheme is Apache-licensed.