For the Millennium Series the Race to 2 format used in Div 3 gives you a time slot for your days games and then you stay in the pit area and the teams rotate until they have played eachother and all the points.
At Campaign I noticed that you had your point then two different teams came on played their point and then you were back on to face the same team you originally played. Then after that match you sat the next two matches out and then played the next two. That's a generalisation as you could find yourself in a back to back situation due to the schedules.
The head referees are generally aware that teams playing this division are not used to the former 2 minute between points rule.
So yes race to 2 is like a mini Xball format but a bit slower paced in respect of time between points.