It's been a long time since I've done ASM but do I understand it right that this implementation compiles each function and then executes it immediately? Or does it really compile the whole source code and then execute the binary generated?

And where is the compiled binary saved? Is it kept temporarily in memory itself for immediate execution? Or is the compiled binary saved back to the disk?

If someone could point me to the right sections of the code that answer these questions, it'd be of great help! Thanks!