The player reads every time signature the Editor offers. The simple meters play as written, and the compound ones are mapped onto a pulse the accompaniment styles can play: 12/8 as 4/4 under a triplet style, for instance. The article gives the full table, meter by meter.
Not every style plays every meter. Pop-Shuffle will not play 3/8, and Blues-Lucille will not play 5/8. When a style cannot handle the meter you chose, the player tells you instead of playing.
4/4 is the default when a song sets no time signature. Put a left barline (a left double barline is the usual choice) at the first space of the first measure, just after the time signature, so the player reads the start of the song correctly.
For how each meter is interpreted, see Time signatures on the iReal Pro website.