I've found a possible answer to this question in a Google Group but I'll like to know if it's correct and add a follow-up question if it is correct.
The answer there is
Every time the global update function in your app runs for any reason, the global subscriptions object is reevaluated as well, and effect managers receive the new list of current subscriptions
If any time the model is changed subscriptions get called what is the effect on subscriptions such as Time.every second taken from Time Effect Elm Guide - is that means the timer get reset when the model changes? What if that was Time.every minute - if the model changes 20 seconds after it starts will it fire in 60 - 20 = 40 seconds or will it fire in 1 minute?