1. The game screen refreshes itself as fast as it can. But the *ingame timer* (the clock you see on the Geoscape) only updates 10 times per second. If the ingame timer advanced as fast as it could on a modern computer, you could barely react to any ingame events as the time would just whizz on by as an ingame month passed in a second (this'll happen if you run the original without any emulation or slowdown utilities). Updating every 0.1s is fast enough for any player to react to (eg. In 5 Secs speed, 50 ingame seconds will pass every real second. In 1 Day speed, 10 ingame days will pass every real second).
The globe itself only redraws itself when the ingame timer updates, because stuff on the globe only changes when the ingame time changes. It'd be a waste of time to redraw when nothing at all has changed.
2. Technically speaking, OpenXcom is not a pinnacle of speed. I am not a pinnacle of programming. SDL rendering is slow. Globe rendering is slow. You'll never notice this on modern systems, but OpenXcom would probably not run well on low-end systems, specially not a 486 like the original. The original X-Com was written in C/ASM by much more experienced programmers, and there's no reasonable way to figure out how they did it, so best we can do is guess.
The current globe is not a "real 3D-accelerated globe" like you'd find on a modern game, but a 2D representation like the original. It has to take the flat world data from the original X-Com data, convert all the coordinates to radians for modern trigonometric functions, generate the ocean polygons, figure out which polygons are currently facing the player, map it all to a ortographic projection for a 3D look on-screen, shade it according to daylight, etc. It's not a simple problem. But the current solution is accurate and fast enough for the purposes of the project. If someone can come up with a better method, well, this is open-source, they are free to post their approach.