This is about durable execution -- being able to resume execution "from the middle", which is often done by executing from the beginning but skipping external calls. Second time around, the I/O is exactly replayed from stored values, and the "deterministic" part only refers to the async scheduler which behaves the same as long as the results are the same.

Coincidentally I have been experimenting with something very similar in JavaScript in the past and there the scheduler also has the same property.