I had a chat with the guitar team and here's the answer from the team:
"The included cabinet was used as a load when modeling the Marshall Amps, and that is typically the case when there is a natural combination of amp and cabinet (like a combo amp or a JCM + 1960 4x12").
In other cases, when there’s no obvious cabinet to match with the power amp, we usually model it with a load that resembles the characteristics of a 4x12". This load is always applied to the power amp, otherwise, the Presence control wouldn’t behave correctly.
However, when modeling the cabinets, we use a voltage source, so that that character won’t get applied twice. So you could say that part of the cabinet sound gets included in the power amp model instead of the cabinet. Since the power amp and cabinet form a circuit it’s difficult to split those two, but we believe this is the best way, as it preserves the way the power amp reacts to a reactive load.
So no, the power amp won’t react differently if you, in Amp Room, place different speakers after it. The characteristics of the speaker are already “baked-in” to the power amp.”