Is there any relationship between the wording in [cpp.pre]/7 and its example?

[cpp.pre]/7:

The preprocessing tokens within a preprocessing directive are not subject to macro expansion unless otherwise stated.

[Example 2: In:

#define EMPTY
EMPTY   #   include <file.h>

the sequence of preprocessing tokens on the second line is not a preprocessing directive, because it does not begin with a # at the start of translation phase 4, even though it will do so after the macro EMPTY has been replaced. — end example]