Are multiple of these values interpolated between many frames?
I am not 100% sure I follow your question. But I think, "Yes!"
The red balls(keyframes) are inputs (given by the user), they provide a position and time (or frame) that ball is at. Then the grey balls are the interpolated frames. Thus many values of the ball are interpolated across many frames.
Say the leftmost red ball is for frame=12 and the 2nd-leftmost red ball is frame=18. Then the grey balls between are 5 interpolated frames, where the balls position is being interpolated.
I hope that answers your question
This idea of interpolation avoids repetitive work done by artists :)