Correct. By using this terminal defaults command Hype will export non-minified versions of code:
defaults write com.tumult.Hype2 UseFullHypeJSTemplate -bool YES
You could then audit and minify yourself, although Hype does use a very aggressive minifier so your results probably won't be as good. Note that we don't officially support making modifications to the runtime, so if you need to make changes you're on your own... but it be great if you let us know what you're doing and why, as this could be a future improvement to Hype.
To go back to using the minified version, run this command from the Terminal:
defaults delete com.tumult.Hype2 UseFullHypeJSTemplate