Yes, that's true. Unfortunately, this is a giant problem for inflected languages because inflections of compound nouns in Polish and many other languages influences both components of compound nouns.
I wish SDL would do something about it, because it makes termbases only half-usable at the moment.
ANOTHER UPDATE: I'm at a complete loss here. It seems like your findings are true. Anyway, something should be done about it, because a blind CAT is a sick CAT :(
TO SUM UP, in my case it looks like this: we have three terms - "OBCY ZAPACH", "OBCY" and "ZAPACH".
In sentence: "Poczuł obcy zapach" - ALL THREE are recognized.
In sentence: "Poczuł obce zapachy" - only "OBCY and "ZAPACH" are recognized (Studio is blind to compound "OBCY ZAPACH")
In sentence: "Poczuł obcy zapas" - only "OBCY" is recognized.
In sentence: "Poczuł obce zapach" (ungrammatical) - only "OBCY and ZAPACH" are recognized separately (Studio is blind to compound "OBCY ZAPACH").
I must say that I've got fed up with all those problems in Studio. There are too many issues I must deal with. All of the sudden, MemoQ seems like a less troublesome option.