It doesn't include the CRM security information. It solely exports the data, and there will be no FilteredViews in the destination.
It's up to you to implement any security model around the data in the destination.
Overall, I don't see this as a means to offload report processing if you need to apply CRM security and have anything other than a trivial security model that you need to apply
Microsoft CRM MVP - http://mscrmuk.blogspot.com/
http://www.core.co.uk