Automatic lowering order for functions : is it happening inside this code

[Xyncgas]

If I created a higher order function by chaining this type of function together

let anon = {| a = ""; b = 5; c = box 5|}

let Inspection =
    let mutable prime = fun (k :{|a:string; b:int; c:obj|}) -> anon

    let incparam (source :({|a:string; b:int; c:obj|} -> {|a:string; b:int; c:obj|}) ref) param =
        let old_ = prime
        source.Value <- fun p -> param (old_ p)

    incparam (ref prime) (fun p -> {| p with a = "awudaiwud" |})
    incparam (ref prime) (fun p -> {| p with b = 5 |})
    prime

is it automatically combining the chainings to one function let Example = fun (k :{|a:string; b:int; c:obj|}) -> {| a = "awudaiwud"; b = 5; c = box 5|}
in other words, can Example be the compiled result of Inspection

I tried compiling in SharpLab but I am not good enough to understand the IL

https://sharplab.io/#v2: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