Doh...it's as Eric explained, the most recent version of ACR/LR wins. If your ACR version is behind LR, yes, those features not found in that version of ACR will be ignored. If the most recent version is LR, then you want LR to do the rendering, not ACR. This is the way it's been since the beginning of ACR/LR versioning. Since you are new to this, it's up to you to learn this stuff.
My being new to this isn't relevant concerning the fact I'm only mentioning this as part of the "Clarification" relating to this topic of what happens when signing up CC subscription apps (Photoshop) that are closely tied to other workflows
using NON-CC subscription apps such as LR that require updates/upgrades that follow different time schedules.
Glossing over with the broad statement that LR will continue to be updated to work with CC Photoshop doesn't add enough clarification on what this means to real world workflow habits for a broad range of LR users new and old who may or may not be aware of all the snags and gotcha's that may arise depending on various ways customers use these apps which are understood to function as "NON-DESTRUCTIVE" image editing apps that are becoming more complicated with each upgrade as they are made to integrate with each other.
The only thing that is most likely to be destroyed with this setup are previews which Adobe software engineers decide when it's parametric or pixel driven depending if the edits are done with a plug-in (ACR) or a standalone (LR) both do the same thing to the image with the customer paying double for it. When the "PREVIEW" is viewed in Photoshop it's deemed a pixel based image whether it came from a plug-in or a standalone parametric editor. One is on a CC subscription update/upgrade timeline and the other isn't. MORE COMPLEXITY!
All the customers are paying for is the improved PREVIEW and don't want complexity (deciding when the image is at a parametric or pixel editing stage) to change these previews because they don't keep two parametric editing apps on the same upgrade/update timeline.
Why does this crap have to be setup so damn complicated when all we want is the preview, the preview...THE PREVIEW!