Steemit offloads it's data onto IPFS.
IPFS... is a blockchain within a blockchain when taken into account of Steemit

Could you go into more detail about how this process works or see if I'm on the right track, please?

Are full Steemit posts the "data" being offloaded onto IPFS and then Steemit references the content's hash when calculating the rewards pool on their blockchain? I've never seen IPFS mentioned in any of Steemit's papers but find this very interesting.

Just to go a little deeper regarding the Inception of a blockchain withing a blockchain - do you see any value integrating a blockchain like Po.et? For example, someone publishes content on Steemit, IPFS generates a hash value and stores the content, the hash value is stored on the Steemit blockchain so the author receives their payout, and the hash value is also stored on the Po.et blockchain to record metadate and ownership information. Would there be any value in this, or that type of informtion already contained in the existing Steemit and IPFS model?