It does. I'm using a dark theme for HN with a background of #222 and text of #CCC on my Dell U2412M display with the brightness at 100%. I measured with the ambient light sensor in my old Nexus 5 held up to my head. While lux values from smartphones are uncalibrated, it's the ratios that matter.
Dark theme, backlight 100%: 1 lux
Light theme, backlight 100%: 54 lux
Light theme, backlight 0% (not actually off): 7 lux
And my hypothesis was more that the bright parts are still bright. It is obviously less overall, but the small things are still hitting your eyes. Potentially worse, as your eyes aren't dilated correctly for the brightness.
Dark 100%: 5 lux
Light 100%: 103 lux
Dark 0%: 0 lux
Light 0%: 14 lux
0% PQ: 0.12 nit
0% SDR: 0.2 nit
100% SDR: ~120 nit
100% PQ: 570 nit
It works better in dark mode than your low contrast. The screen does not support local dimming.
Though, again, the point is more that even with dark mode, turn down the brightness. (I think. Not original poster.)