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It is hypothesized that it goes even beyond that. The brain may run a full-blown reconstruction of the world all the time, with the senses only providing corrections to keep the model on track - little deltas once in a while. This would explain how we do so well when the bandwidth of the senses is so bad.
It would also explain why hallucinations are so convincing and so easy to trigger. It's simply the correction mechanism failing to keep up. The model then goes on and builds a "reality" that's more and more divorced from the actual reality.
Anyway, this is just in the hypothesis stage.
There's nothing here!