He evaluates the code. If you run foo.Rmd with
rmarkdown::render("foo.Rmd", clean = FALSE)
( pandoc) foo.knit.md . :
---
title: "Untitled"
author: "baptiste"
date: "2017-08-12"
output: html_document
test: "_metadata.yaml"
---
```r
cat(rmarkdown::metadata$test)
```
```
## `r paste('_metadata.yaml')`
```
, ( , metadata$test ), , , - , .