Does it reset at every turn? From my experience in Codex for example, Luna (Max) fills the 256k token window relatively quick. The only thing lowering the context window again is the compaction.
Gemini[0] for example passes along a snapshot of the reasoning state but it's not the equivalent to keeping all the reasoning tokens in the context.
[0] https://ai.google.dev/gemini-api/docs/thinking#signatures
Edit: Apparently it does take the same space in the LLM latent space so I was wrong.
I'm not sure if that's right. I only just recently learned that the "snapshots" (aka cached tokens) necessarily contain the entire context history, not just an image of a "state as of the final token" (well, it is the state as of the final token, but that state contains the whole history). So I'm not confident of my grasp of the structures here.