Debian – gdb set overwrite logging on should overwrite gdb.txt correct

I was looking at Logging Output and had been trying this particular command –

set logging overwrite on

AFAI understood it, that command is supposed to overwrite the contents of gdb.txt but it does not. Is there a bug there or I haven't understood the meaning/syntax properly.

I am running –

[$] gdb --version                                                                                                                  
GNU gdb (Debian 7.12-6) 7.12.0.20161007-git
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License GPLv3+: GNU GPL version 3 or later <http://gnu.org/licenses/gpl.html>
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There is NO WARRANTY, to the extent permitted by law.  Type "show copying"
and "show warranty" for details.
This GDB was configured as "x86_64-linux-gnu".
Type "show configuration" for configuration details.
For bug reporting instructions, please see:
<http://www.gnu.org/software/gdb/bugs/>.
Find the GDB manual and other documentation resources online at:
<http://www.gnu.org/software/gdb/documentation/>.
For help, type "help".
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This is on Debian testing.

Looking at : Bugs in package gdb (version 7.12-6) in unstable

does not tell me much but then I'm no gdb expert or even an intermediate user. If somebody knows a bug which references the above behaviour please share that or if I'm lacking in understanding, please share that as well.

Update –

The exact commands are –

$ gdb qbittorrent 
(gdb) set logging overwrite on 
(gdb) set pagination 0
(gdb) run

when the application hanged/crashed via –

QXcbConnection: XCB error: 3 (BadWindow), sequence: 16699, resource id: 14227177, major code: 40 (TranslateCoords), minor code: 0
pure virtual method called
terminate called without an active exception

Thread 1 "qbittorrent" received signal SIGABRT, Aborted.
__GI_raise (sig=sig@entry=6) at ../sysdeps/unix/sysv/linux/raise.c:51
51 ../sysdeps/unix/sysv/linux/raise.c: No such file or directory. 

I did the requisite –

(gdb) bt
(gdb) bt full
(gdb) thread apply all bt

Now I was expecting that with theoverwrite on command gdb will overwrite the contents of gdb.txt from the current session as well as overwrie the time-stamp of the file, neither happened. Luckily, I hadn't closed the session so was able to copy the debug session contents to the maintainer and upstream so they could take a close look at what happened.

I am curious/not understanding as to why it didn't do the changes or am I understanding it wrong.