That is correct. There is no code in there to 'follow' the host's BPM dynamically.
The loop playback subroutine would need to be altered to take the current BPM into account before scheduling the loop's events.
There are many complications that need to be catered for in doing that. Currently, the loop events are scheduled in one go at loop start, so in order to follow dynamically, this would need to be done at a higher resolution; probably the trigger would have to happen at each event and the BPM being checked then. Even then, there is no guarantee that the host BPM rate of change will be accurately reflected and the loop is likely to go out of sync as the host BPM is changed.