In effect yes, though not really. The abstract form has no belt; it is a dataflow graph overlain with a control-flow graph. That is, it’s not a P-code or Java code or any of the other serializations; there’s no reason for the specializer to have to figure out the data dependencies that the compiler already knew but threw away in the intermediate representation.
Of course, it is trivial to go from the graphs to a serialized instruction stream with infinite belt, and we might even offer a command option to produce that, for those who find such a representation to be an easier way to understand what is going on. But it would only be documentation.