I would think so too, but I just tested in a clean project with an empty scene. With the options set as mentioned I am still able to drag elements out of my scrollview. They do snap back, but will temporarily leave the scrollview.
Even the scrollview example scene that ships with NGUI can be used to reproduce the behavior. Or alternatively a setup like this:
UIRoot
- ScrollView (Restrict = true, Cancel Drag = true, Effect = None)
--UITexture (BoxCollider and UIDragScrollView)