In my experience a patina does two things:
1. Makes it a little less likely to form ( but if it gets too wet, all deals are off)
2. Makes taking rust off a lot easier.
On a blade with a patina, some red/brown rust will form in conditions it normally would, but whatever the science is, it almost rubs off with your fingers if there is a patina underneath.
Otherwise, a patina mostly seems to fend off rust in humid environments. If you put a wet knife away in a sheath it will still rust, but it does help against normal atmospheric moisture.