Little help - new to objects and lists

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How does the FLIP command work ? Does my main loop cycle through time and time again, ignoring FLIP until it's time to swap the buffers to the screen ?

Or does program execution halt until its time to swap the buffers to the screen ?

I'm using the FLIP command in it's default form. Framerate is based on whatever the user's screen is running at (in this case 60Hz). I'm using framerate independent timing (delta time)