It doesn't continue to fire though. It's just air being compressed which is slowing the bike. When you are off the throttle there's no more fuel being injected.
I suspect the EBC works by manipulating the how open the throttle butterfly is. So higher EBC settings have more air being compressed which will generate heat. Lighter EBC settings would have less air being compressed generating less heat. It's hard to know off of an anecdotal account if EBC is related to cooling since so many factors are at play.