Yep. Everything in the game is based off the music tempo and the beat.
It's midi so it can be sequenced and sped up or slowed down in a controlled way without audio glitches. Tempo starts at 66% of the original music speed and ends up at 300% if you make it far enough. The 66% is a little slow for the music but helps make the game easier at the start.
I wanted to add collectible power ups along the way which would show this off by instantly slowing down or speeding up when the train runs over them, but they had to be cut in favour of other things.