Is Projectile Acceleration III bugged? Or am I just not understanding it?

Projectile Acceleration III says:

・Increases and Reductions to Projectile Speed also apply Projectile Damage with Supported Skills
・Supported Skills have 40% more Projectile Speed

So this means that the projectiles are 40% faster AND do 40% more damage, correct?

Yet when I slot this support gem I only seem to get to speed increase and not the damage.

Am I just misunderstanding this gem or is it just straight up not working correctly?