I’ve gotten the impression that it basically throws away identical events that are processed during the same frame. That is, if it takes 30ms to render the frame, and you run the wheel fast enough that 3 input events happen, it will only trigger one change to the trim (or for the knob, changes to the selected autopilot input) for that frame.
Thus slow, steady motions are more reliable, as when going faster at some point you go fast enough to start doubling up inputs in a frame.