It does look ragged, but I think it is reflowable. No matter where in the e-book I switch fonts the original first word stays at the top of the page. This would not be possible if the book consisted of 6 versions of scanned pages (one per font size).
I just noticed that the e-book is not a MOBI format file at all. It has extension .azw1 and starts with the characters TPZ0. It may include an embedded font, since I see several plain text words with "glyph" in them.
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