"Is this the result of elongation of the strings strands, or slippage or creeping of the flemish twist?"
Both, along with excess wax being squeezed out. You will get some creep with endless also. How much you get with flemish depends on how the string was made, and the material.
Is ia continuous process, or does a given string material reach a maximum in regards to creep?
Depends on the string material, draw weight, strand count, temperature, etc. Lower strand counts, higher draw weights, and higher temps stretch/creep more. Dacron has the most stretch and creep of any material I've used, although I've heard of a couple of "Fast Flight" type materials that have as much or more initial stretch/creep. At least one, Nitro Excellerant, is no longer on the market.
Chad