I strongly suspect (as I’ve said elsewhere) that there’s no simulation going on, just a bunch of precomputed refraction maps. Two dependent texture fetches are not nothing (and neither of course is the sequentializing nature of rendering a transparent thing over another thing), but I wouldn’t lose sleep over them if there was a point. Thus far I’m not convinced that there is.
Has noöne located and disassembled the thing yet? The speculation is getting tiresome. (I don’t own an up-to-date macOS device and have never owned an iOS one, so no help from my end, sorry.)