Pretty sure you are right. It has no buck circuitry like the dna or SX350's but it does the poor man's step-down with PWM. No, it doesn't let you "select" PWM or DC-DC like the Mini 30w does, but that's because it is a useless feature. No need to "select" PWM. It does it automatically when required based on voltage/build.
just to make sure I understaood you right
it does step down ,sort of,but in pwm mode,which automatically happens to the ipv mini2,right?
so if lets say,for arguments sake,
I make a 0.4 ohm coil and go 30watts
it would get a better run time
compared to building a 2 ohm coil and set it for 30watts?
am I making sense?