It ripens differently. And it depends on the cheese. So with a bloomy rind or a thin cheese like this with a lot of molds on it, those molds produce enzymes that break down the insides of the cheese. A wheel shape, a cylinder, is well suited for even ripening. When you break that shape, it will still mature because those molds continue to feed and continue to produce enzymes, but the rate at which food is brought to the surface changes because you've changed the shape.
But yes, absolutely, cut cheese of any kind will continue to undergo ripening. I'm not sure where the idea originated that cutting a cheese will somehow stop its maturation. Change, yes, stop, no.