No this works different then the widely used 'counting loops for timing.
The RN2483 is brought to sleep ttn.sleep(SLEEP_PERIOD); and wakes up the 328p with an interrupt attachInterrupt (digitalPinToInterrupt(2), awake, LOW);
The max sleep period is determined by the Microchip module and is 49.7 days.
This works only with the RN2483 and the TTN library
and off course the LoW Power lib from the same company