No, it shouldn't. It was never meant to, not even in the PNP game.
Eschew Materials [General]
Benefit
You can cast any spell that has a material component costing 1 gp or less without needing that component. (The casting of the spell still provokes attacks of opportunity as normal.) If the spell requires a material component that costs more than 1 gp, you must have the material component at hand to cast the spell, just as normal.