Inspiring Meditation is still buggy. I just used one with 11 mins remaining on my KP timer. After casting the spell, the timer remained at 11. Then I started to do the tournament, and when I completed a province with KP as a prize, the timer went to 59:59. I asked a friend to repeat this and the exact same thing happened to them.
After the 11 mins passed, I did not get my 1 KP. In other words, casting an inspiring meditation cost me 49/60th of a KP.
I suspect this behaviour is intended and the "fix" was to reset the KP timer when an IM spell is cast. I often use IM spells when collecting lots of KP from tournaments to avoid having to spend the KP after every province or fill my KP bar. If my suspicions are correct, then IM spells have lost most of their usefulness for me.