When I import session data, "Consolidate from source media" still copies the entire file to the new session's audio files folder.
From the manual (pg. 336 in the 12.4 reference guide):
"Consolidate from Source Media
Use this setting to copy the audio from the source project to the Pro Tools session, while removing all unused areas in the copies. For example, you might only be using ten seconds of a ten-minute audio file in your project. Consolidating this audio saves a great deal of disk space by preserving only the audio you use and a user-defined amount of handle, and discarding the rest.."
I'm on Pro Tools HD 12.4.0 and OSX 10.8.5. (I have a coworker who is experiencing the same issue on ProTools 12.5 and OSX 10.10.5.)