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The wedge screw holds nothing
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Actually, according to the original Colt patent, the wedge screw acts as a depth check for the wedge.
Patent #1,304 dated 8/29/1839. In this patent, Colt talks about the "key" or wedge. "As the key C is to act laterally as a wedge to draw the receiver and the barrel into contact, it is of importance that it should be checked when forced sufficiently far in, or the receiver might be wedged up and prevented from turning. For this purpose I insert a screw, e, Fig.3, into the steel button f, which is attached to D D... The head of this screw, overlapping the end of the mortise, receives the wedge and checks it. By turning this screw the force of the wedge may be tempered. In fig. 5 g is a spring-latch on the under side of the key, which catches upon D when the key is forced in and prevents its accidental removal."