After a quick look it does appear to offer full modulation similar to how Opentherm works on other thermostats. I don't have experience with this system, but with modulating systems you do definitely notice the difference, for instance heating first coming on in the morning the radiators get screaming hot full boiler temp of 70c for mine, as the temp of the zones gets within about 1c of the target temps it stops heating the water and just pumps it round, when the target is reached the boiler will then fire up at say 28c for instance (on mine it depends how many rooms are demanding heat, on mine you can view each zones demand as a percentage and the total demand asked of the boiler), it will constantly run at this temp until something changes.
It did take a few weeks to settle, up until that point temperatures overshot or it took a long time to reach a target temp. Now my rooms typically get up to temperature within 10-15 minutes of the heating coming on.
Its also learnt how early it needs to come on and switches off early if it knows that room will stay at the temp on its own for X amount of time.
So if yours isn't acting kind of like that i would guess something isn't working as it should.