Possibly, those tenders work like that but I doubt it. It's more plausible that if the battery drops to 12.7, the tender latches relay closed or an IC channels 14 or so volts back into the battery. I don't own a tender so can't accurately speak to the actual voltage and current measured. Remember, the Tender Plus is rated at approximately 1.5 A. At that low level of current, it would be better to increase voltage above 13V or 14V to move charge to the battery. At least that is how I would design the thing, lol.
Maybe, a Forum member has measured the charge of the Tender Plus and can give the exact measurements.