It is pretty much the way you expected. png_set_gAMA() causes libpng to write a gAMA chunk in the output PNG file. It doesn't change the pixels themselves. A png-compliant viewer is supposed to use the gamma value from the chunk, combined with the gamma of the display, to write the pixel intensity values properly on the display. Most decoders won't actually do the two-step (unapply the image gamma, then apply the system gamma) method you described, although the result is conceptually the same: It will combine the image gamma with the system gamma to create a lookup table, then use that table to convert the pixels in one step.
From what you observed (gamma=2.2 and gamma=1/2.2 behaving the same), it appears that you are using a viewer that doesn't do anything with the PNG gAMA chunk data.