No, it's not improving anything. Once you have the lossy compression, it's no longer just like the original, no matter what you do afterwards.
It lets you go to .wav without a warning because sometimes you might need a .wav for whatever reason like including editing in a different program. Then once you have .wav or any lossless format, it lets you convert to any other lossless format without complaining. It doesn't know that the original wasn't lossless at that stage.