[HACKERS] PostGIS Out-DB Raster Not Behaving As Expected

I created an out-db raster using the following syntax:

raster2pgsql -s {srid} -c -R -I -C -F -t auto {absolute_file_path} public.{table} | psql -h {host} -p {port} -d {database} -U {user}

The table was created successfully. I wanted to confirm that the actual file is being read from the location in the filesystem by performing the following steps:

1) I moved the raster file to a different location.

2) I opened QGIS and attempted to load the raster from PostGIS table.

I was surprised that QGIS could load the file. How is this possible when the actual raster data is not stored in the database table?