> Is it a materialized remapping of the underlying .hgt or is it done client-side, in some webGL-shader?
The map loads pre-rendered map tiles as JPG images from Amazon S3 (you can confirm this in the Network tab of your browser's dev tools).
The page says:
> This map layer is hosted as a public service, and map tiles are free to use under a Creative Commons 4.0 Attribution-NonCommercial-ShareAlike license.