J-d is basically correct for this sort of oven (which was a common system, both in households and RVs), with one exception. The main thermostatic valve controls not only the pilot flame size but also gas going to the safety valve (and from there to the main burner). When the set temperature is reached, the thermostatic valve turns off the gas to the main burner as well as the enlarged pilot flame, and once the main burner goes out the safety valve cools down and shuts off.
The reason for this, as opposed to just using the safety valve, is rather obvious after a little thought. The heat from the main burner would be sufficient to keep the safety valve open indefinitely even if the pilot were not operating. It's not very practical to have the pilot (and sensor bulb) far enough removed from the burner to avoid this since the pilot needs to light the main burner.