Feathered props are modeled only on multi-engined planes. It is easy to check in-flight: turn off your engine. The prop will auto-feather and stop rotating if it can. You will notice that on all single engine planes the prop will keep wind-milling.
Reducing RPM in glide makes a huge difference. A plane like the mosquito that has very little drag for its mass and feathered props is quite hard to land when the engines are off. You have to use rudder or lots of flaps to bleed speed and bring it down.
I once tested RPM effects on high-speed dive acceleration with P-47 and Mosquito. Couldn't find a difference within my measurement accuracy. Also tried to see if it affects speed bleed when the speed is well over your max level speed (after a dive). Again, found no clear advantage to reducing RPM in this situation. Therefore I don't really know how the FM handles this other side of the envelope. If someone can re-do such tests, I would be interested to hear the results. An easy thing to test that may give us a hint is to reduce throttle to min and make a dive to high speed - check how high the RPM gets - it will not over-rev, but does it stay constant even at very high speeds or does it peg at the usual max RPM limit? None is exactly correct, but may give us a hint of how it is modeled.
I did a simple test with a 109 g14 and found the following...
1) I dove from high alt and reduced RPMs to the lowest I could, which was around 15,000 and not much happened, the RPMs did not go up. Now I did pull up after going about ~500mph. I would have expected the RPMs to go up just from the reduced 'load' on the engine.
2) I flew the airplane at a level max speed, no wep, at 10k which was around ~350 and then reduced RPMs to encourage the prop to take a 'bigger bite' out of each rotation, but all that happened was my fuel consumption went down and my speed reduced to about ~300. I would have expected some 'medium mix' where max RPM didn't mean max speed, just like running your car in first gear with the RPMs red-lined is not full speed.
3) I could not feather the prop, prop always spun, even with engine off. This is in line with a previous post about prop-feathering only working on multi-engined planes.