No, f.lux only tweens the color profiles of the OS in realtime to shift the white point. It's basically a wrapper around a function already in the OS together with a tween library. The only thing f.lux does is control a hidden API /9 it's not comparable to email or a browser.
Or are you suggesting f.lux passes the entire framebuffer at any given point through their code and adjust the color temperature using a shader on the GPU? (No.)