The big takeaway here is that the PiP feature of LB2 only works on an external monitor - not your smart device. I should have been smart enough to realize this prior to expecting it would work on the Go App, since it is explained in the manual and on the DJI LB2 product page.
I did some more testing after I made the video, and PiP does work with the AV input (my FPV cam) and also works with iOS.
