the tool is designed such that they are taking drying into account. IIRC the gap on the tool for PT boards is 1/16" with the expectation that the gap will ~double when using "wet" wood. The tool they make for composites, which won't shrink and therefore won't grow the gap, is ~1/8".
ETA:
now that I type all of that out, I probably should have used the composite tool on my pre-dried boards...