What version of SolidWorks are you using? I have 2015 SP2 and it also does not work.
However, I came across another post that pointed to SPR 539708. According to the SPR documentation, this has been fixed in 2015 SP5.
I am on Solidworks 2014 SP5 I am supposed to be upgrading to Solidworks 2016 SP2 in the next few weeks, so hopefully it works by then.
When recording the point to point mate the recorder gives these lines:
Set myMate = Part.AddMate5(20, -1, False, 0, 0, 0, 0, 0, 0, 0, 0, False, False, 0, longstatus)
for aligned axes box checked, and
Set myMate = Part.AddMate5(0, -1, False, 0, 0, 0, 0, 0, 0, 0, 0, False, False, 0, longstatus)
for aligned axes box unchecked.
But as Brandon pointed out, there was some issues with the API for these 2 situations. Hopefully it works for you after you upgrade.