It does auto update if you have that setting turned on, but I notice the update is a little glitchy. If you are in Preview mode, the query never shows, but if you switch to edit mode, there it is, switch back to preview and its there now.
There is also a Delay setting for some reason. I turned that down.
I added a search, got it to display, then deleted the auto generated text and the <---->, then added another note with the keyword, went back to the code note and it auto generated with the new note included.
Not perfect, but might get you down the road a piece.
I’m looking into this because I want to auto generate MOCs.