Yes, the implementation is based on hashing, and has (amortized) constant access times.
"they use object identity" is a simplification; the full story is that ES Maps and Sets use the SameValueZero algorithm for determining equality.
In line with this specification, V8's implementation computes "real" hashes for strings and numbers, and chooses a random number as "hash" for objects, which it stores as a private (hidden) property on these objects for later accesses. (That's not quite ideal and might change in the future, but for now that's what it is.)
Using memoryAddress % keySpace
cannot work because the garbage collector moves objects around, and rehashing all Maps and Sets every time any object might have moved would be prohibitively complicated and expensive.
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