Run git submodule status | sort and you'll see that, for the paths that have nightly versions, the commit IDs of stable and nightly versions are the same. For example, this file in the sway docs should be different when the docs are set to nightly but it's not.
This is happening because the commit version fetched for the nightly version is the same as the latest release, so the commit IDs of the stable and nightly submodules are the same.