The proprietary protocol can use absolute positions between device/dongle, and then the dongle can translate to relative positions at the edge, by returning the difference since the last poll
Is position estimation from the signal that accurate for that?
Precisely. That is how I would have designed a wireless mouse protocol: using wrapping counters and sending the counter values. The HID protocol does not support an input value that is Absolute/Wrap (although it could be extended to do so, and I think that it should)
I'd think it would also be possible to get around congestion problems by using tricks such as multiple channels and/or interference detection on top of BLE. But only Logitech knows how Bolt actually works.