Yes, that matches what this node relies on, that local works by saving the old value and restoring it, exactly like assignments would. In your example, $obj is always pointing to the same SV.

However, using Alias, e.g. from the module:

@DYNAMIC = qw(m n o);
{
 local @DYNAMIC;
 alias DYNAMIC => $tmp, PERM => $tmp;
 $DYNAMIC[2] = 'zzz';
 # prints "abzzzd|abzzzd|abzzzd"
 print @$tmp, "|", @DYNAMIC, "|", @PERM, "\n";
 }
# prints "mno|pqr"
print @DYNAMIC, "|", @PERM, "\n";
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The Alias re-binds the symbol @DYNAMIC, essentially the same as *DYNAMIC=$tmp;. @DYNAMIC now aliases @$tmp.

But look at the local. It will restore the list @DYNAMIC, which means it will un-do this binding operation. If going out of scope does a STORE as you show, essentially @DYNAMIC=@saved;, it will overwrite the contents of @$tmp, as opposed to restoring the action of the *DYNAMIC=$tmp;. Follow me? He did not say local *DYNAMIC.

If local worked by pointing the symbol to a new SV, then there would be no need to FETCH/STORE, and the tie would not be preserved.

So there is still more to it than meets the eye.

—John