hi martin, it looks like it does. here's a blue post i found on a similar situation:
http://us.battle.net/wow/en/forum/topic/17605531087#4Quote (Sylnaxas)
I was looking into your account as you were not lied to, the Recruit-a-Friend rewards should have applied when the applicable game time was added. I see that you claimed the token earlier today. Keep in mind that the rewards still wait for 7 days prior to granting to the account once 2 months of game time is purchased and today would have only been the first. This 7 day wait applies to both the mount and game time.
As for the free month for referring an account and upgrading the account specifically, it was applied to the account on 2/28 and covered your main account for that month.
Let me know if you have any further questions, because so far everything seems to be working properly.