I get what you're saying, for sure. However, from a marketing and PR perspective Apple would absolutely publicize this if this is how it works. That's a big innovation and you know how they get when people say they can't innovate anymore

Believe
"...That's a big innovation and you know how they get when people say they can't innovate anymore"
The iris biometric ID technology has been used for over 25 years, so I wouldn't thing Apple would feel it was innovative. Also, Apple likes to publicize new technologies they invent (like FaceID), not that they've adopted 25+ year old technologies -- doesn't fit their "innovative" image.
Interestingly, I had some administrative responsibilities for the iris recognition system at my data center and people hated it! Unlike other biometric identification systems like fingerprints, hand geometry, etc., people thought it was "creepy", "invasive", and "an invasion of privacy" to have a camera look at the structure of your iris! (Go figure).
NIST testing found accuracy between 90 percent to 99 percent -- far less than the 99.999% accuracy of Apple's FaceID.
I strongly suspect Apple incorporated elements of iris recognition technology into the new "mask" feature, but at some point I expect someone from Apple will give a public interview with more details on how they are doing Mask ID.
BTW, Wikipedia has a good article on the technology and its history:
https://en.wikipedia.org/wiki/Iris_recognition