Was this working in R14? Because I just tried it in 12.5.6 on an entire source file and reversing the clip completely muted the audio, so I guess back then there was no compatibility to reverse audio.
In R15 I get audio but like you say it's not from the correct part of the source file, and I tried reversing the entire source, saving it out, bringing it in and reversing again, but like with R12.5.6 it was completely mute!
If you instead use the 'Retime Controls'/'Rewind' feature (which acts like a 'boomerang' effect like you describe) you at least get proper reverse audio... the problem is that when it plays forwards again, it doesn't repeat the original audio, it instead plays whatever audio would be there had you not used the Rewind feature
And waveforms are not properly updated to reflect the reversal either.