Not a direct answer to your question, but youo should be able to find out easily by using the logging on a running app.
Just open the console tab and select the advanced menu and set the log levels for example on the ConnectionBus_Query to a lower level. This should provide the query that is being created and used and will tell you if the next batch is retrieved or the whole of the records being displayed.
Thank you Erwin, it really helped to understand the behavior.
I did below steps:
1) Enabled ConnectionBus_Retrievewith log-level as Trace.
2) Tried to pull Listview records using page-size as 3.
Default Listview load of records, shown limit as 3 and offset value as 3:
After clicking LoadMore button, shown limit as 3 and offset value as 6:
After again clicking LoadMore button, shown limit as 3 and offset value as 9:
Summary: Loadmore action at ListView(xPath), only fetches incremental records not whole list of records.