Replying to myself: this was actually confirmed by one of the developers on reddit:
https://www.reddit.com/r/pebble/comments/37lg95/ifixit_pebbl...
Re:Pebble Time Smartwatch Teardown
by quadrature on Saturday July 04, 2015 @12:29PM
(#9830636)
Maybe, I would figure that a driver would be baked into the LCD module so the processor writes to a buffer and it picks it up on the next tick.
The FPGA could even have been provided by the LCD vendor to provide a more standard interface.