Yes, it does track vehicle speed, but they apparently don't care about that.
They only care about "hard brakes", which as it turns out, has nothing to do with how hard you press the brakes or if you even press the brakes at all. In a sports car like this, engine braking from downshifting is enough to change your vehicle's speed quickly enough to count as "hard braking".
You know it's fundamentally flawed when this doesn't matter:
Meanwhile,
casually shifting from 5th to 4th at legal speeds slows you down too much and that causes a beep
Don't even think of slowing down for a yellow light because the brakes on the car do their job way too effectively for Progressive - run every light that's about to turn red if you don't want it to beep at you