Kinda, sorta, but no. The flex point is actually down at the seat tube/bb junction, so up where the bearings are it doesn't pivot so much as slide. The rest of the frame is rigid. My guess is the little black tube bears weight and rotates inside the seat tube as it flexes and the bearings allow that more easily.
Either way, it's a very effective system for what I deal with 99% of the time.
And it's the first time I've broken a pivot, Mr Beebenson, last time I cracked the frame.