confused about E.memoryArea

I'm a bit confused about "executing out of flash memory" using E.memoryArea. Here's what I tried on an esp8266.

First write a simple function to flash memory and check that it's there:

>fl.erasePage(487424)
=undefined
>fl.write("function hello(t) { t1 = t.toUpperCase(); console.log('hello', t1); }   ", 487424)
=undefined
>fl.read(72, 487424)
=new Uint8Array([102, 117, 110, 99, 116,  ... 32, 125, 32, 32, 32])

Now eval it (I know I didn't need "ma"):

>ma = eval(E.memoryArea(0x40200000+487424, 72));
=function (t) { ... }
>ma=null;
=null

Now see what's in memory:

>trace()
#1[r2,l1] Object {
  ... lots of stuff skipped ...
  #58[r1,l2] Name String [2 blocks] "hello"    #79[r1,l1] Function { return
      #81[r1,l2] Name Param "t"         undefined
      #80[r1,l2] Name String [1 blocks] "\xFFcod"        #138[r1,l1] String [5 blocks] "t1 = t.toUp
    }
}

Doesn't this mean that the function "hello" uses just as much memory as if it had been normally loaded, or is #138 really all in flash and doesn't use any jsVars?

Is there a different trick that's eluding me here to get the code in "hello" to stay in flash? Or am I just confused?