Guys, thank you for helping me out with my question.
Before posting, I did run some experiments and I also concluded that the 50 ohms resistor was being used regardless of the Load setting chosen (50 ohms or High-Z). The problem with those tests is that they were not really conclusive (at least I think they were not conclusive).
For example, lets say that this particular function generator had two transmission lines leading up to the BNC output connector, one with a 50 ohms resistor in series and the other without the resistor. Because of this physical design, this would mean that it may be possible via some software setting (on the current or some future version of the software) to actually bypass the transmission line with the 50 ohms resistor.... Yes, i realize that my example is a dumb example but I am new to all this and right now I feel like a hormone raging teenager checking out their very first porn magazine, my mind is going all over the place!
So anyway, what I wanted to verify was that it was physically impossible to skip the 50 ohms resistor due to the hardware design. in other words, there is only one transmission line leading up to the output and such transmission line has a 50 ohms resistor welded in series on it so it is impossible to bypass the resistor via software. Based on the replies, this appears to be the case.
Thanks.