In theory at least dosing live phyto could work similar to carbon dosing just using a different pathway. In carbon dosing the carbon source fuels bacterial growth. The bacteria assimilate N&P and then are assimilated by other organisms in the tank or removed via skimming(the fact that some people see positive results from carbon dosing while not running a skimmer demonstrates that removal isn't 100% responsible for the observed benefits). With live phyto the same could be happening just via assimilation of and N&P via microalgae instead of bacteria. After that the same assimilation and export circumstances would be in play except perhaps different organisms in the tank may be eating the phyto compared to those that are eating the bacteria.