Having looked at the instructions ( again) it doesn't advance in the normal sense. The threaded rod is (as I think you suspected) just a depth guide for repeatability. Unlike any other jig I've seen this one sacrifices some rigidity by allowing the head to swing. I would prefer to use a fixed head. Perhaps I posted the wrong example.
This one has a fixed post.
**LINK**
There are several others of similar design where also ONLY the arm swings around the pivot point. The head doesn't rotate.