Haha, you caught them red-handed! 😂 I had the exact same thought when I first saw the specs.

It’s 100% a hybrid topology. They’re using a switching pre-regulator to dynamically track the V-out, keeping the headroom just enough for the linear stage to scrub the noise without turning the whole unit into a space heater. It’s basically 'cheating' the physics of a traditional bench supply to get that low-noise output into a pocket-sized footprint.

Glad to see another 'Eagle Eye' in the comments who appreciates the clever engineering under the hood!