It has to be doing something along those lines or it would run like crap. The simplest parallel has to be a carb accelerator pump. When the throttle is blipped, a little extra gas is shot in (in addition to what the jets/venturis are pulling) to avoid a lean dip. The EFI equivalent is looking at the derivative (slope) of the TPS sensor or a MAP sensor and adding fuel on top of what the fuel map suggests. Sometimes you add fuel because the model says your intake pools a little, then you pull fuel later in zones where the manifold dries back out. In a modern controller, the equation for length of the next injector pulse width has at least a dozen things in it, one of which is that number in your fuel map. It's adjusting for engine temp, air temp, altitude, fuel composition, "detected" octane, torque management, and so on. I suspect the Holley is a little simpler, and they probably have some default stuff in there, but there must be some adjustments for transient fueling.