I just looked at the latest code and it doesn't seem like that's the case any more. It's just a simple grid and instead images are picked and scaled to point more accurately from what I can tell. Also it's React now...
If I'm reading it correctly, it loads up an array of points [0], and after you move your cursor it loops through all points and finds the one with the nearest distance [1]. It seems like every image has the URL structure /images/[index of point].jpg.
The interesting bit is it keeps a list of the 4 point/images you've most recently seen, and will ignore those when searching for the new nearest point/image. Then scales that image to point at your cursor more accurately. This is why it feels pixel-perfect or so, because you won't get a repeat image until you refresh, or try the same location 5 times.
To test that out, ctrl+tab away and back to the tab without moving your cursor. You'll always get a different image. Then refresh the page, and ctrl+tab away and back again without moving your cursor. You'll see the same images in order.
Also neat that what was once a jQuery app now uses React and Typescript.