Just tested this myself, and it looks like it doesn't work like that.
Cases I tested:
- format font is Noto Sans, it is installed. Layout is rendered with Segoe UI (fallback font); - format font is Tahoma, obviously present in system collection, potentially is a fallback font. Layout is still rendered with Segoe UI.
That means that if base collection does not contain base family, system collection is not considered, and fallback is applied right away.