Yes, it does set x264's settings so that x264 knows the color space and color range.
For the config files it's currently undocumented. Go to %appdata%\obs-studio\basic\basic.ini (paste it in to start/run or windows key + R).
Then for example, in the video section:
[Video]
ColorSpace=709
ColorRange=Full
ColorSpace can be either 709 or 601, then ColorRange can be either Full or Partial. ColorFormat can be also set to either I420 or NV12 (later on a lot more), but don't add it/change it. It defaults to NV12 because that gets the best performance out of x264. I'll add this stuff to the user interface in the next major update hopefully.