I would suspect it works in a similar fashion to this[1] modification of WinDirStat, which parses the MFT to do rapid scanning, but loses the ability to selectively refresh parts of the tree.
It unfortunately doesn't seem to work properly with Storage Spaces. It can account for about 2% of the used space on my 50%-full thin-provisioned D: drive.
Not sure about Storage Spaces, but for non-local files in Onedrive on Windows 10 there are two size columns in WizTree for size and space on disk. Not sure it lets you select which value is used for ordering though.