It was fixed for FIELD names (fields and fields mapped on relations).
For multiple entities mapped onto the same table (which can be with inheritance through TargetPerEntityHierarchy or simply by mapping multiple entities onto the same table), it's a bit of a problem:
The feature says: Sync. However we should skip renamed entities according to this issue. However, that would make the feature moot: why sync if some elements will be skipped?
I agree that when using targetperentityhierarchy inheritance, the sync won't be useful, but what can it do? Skip these entities? What should it do with the root entity of the hierarchy? Leave it as-is or skip it too? This isn't always clear. So we didn't fix it for entity names: people who run into this problem, have to disable the setting.
Refresh produces a detailed report of what has been changed. This should be examined after every refresh.