The stereo effect from the reverb is subtle, but I'm pretty certain it is there - it is in the standalone software and plugin at least, so no reason to suspect that it is any different in the pedal.
If I look at my AxeIO control panel whilst playing through the ToneX software with the reverb turned off, the output meters for the left and right channels "move" in perfect unison, but when I switch the reverb on, they do start to "move" independently, and the peak output is different.