Please explain to me how this device uses PWM to limit current

The red LED does not like being run at 10V @ .6A. I reduce the voltage to 7V and it runs at .33A and slowly goes up to .38A. I blow air on it and the current goes back down to .33A. At least it didn't burn out this time. I think the resistance rises as the LED heats up and that causes the CC circuit to pump more current into the LED. :frowning: I guess I should be heat-sinking these LEDs.