I have aging off for my sims and for the others in their game/world/community. I do find, as you said, that there is a feel of some time having passed... but almost a 'neutral' type of time. I have never had my sims in the household lose a job in the time I did not play them, but I have popped in to find a couple were 'late for work' and just loafing around the house, or they have some odd 'festival ' garb on or some other indicator that they are up to some sort of shenanigans while I was away, but nothing major that would be a game changer, from what I can tell. I assume this may be for the purpose of not letting me just assign a job and expect to come back and they are at the top of their field or something. I find the job, school, etc. seems to somewhat 'maintain' but not progress while I am not playing the game. Even the garden I play will not mature while I am not playing. In the other hand, It does not dry up and die while I am not playing that household. Fair enough.
I expect that if you have the aging on for the game/world/community, while you are not playing a household all bets are off...