When you refresh Lovelace the map will certainly refresh as well and fetch the latest info.
I have also noticed that the traffic layer is dynamically updated without having to refresh Lovelace.
However, I cannot be 100% sure for the latter, since I only use this card as a popup on my DIY Frame, each morning before leaving for work.
A Lovelace refresh will certainly refresh the map.
*edit: You can of course drag and scroll on the map as expected. I mean it is not a static image.