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The hose doesn't bolt on to the valve core thread. It bolts on to the cap thread, below it.
It's the pressure in the hose and friction between the hose seal and the core head that causes the core to unwind with the hose. @Ramsaye Pressing the button dumps the pressure from the hose, and hey presto, your valve cores don't unwind anymore.
When hooked up to a Presta valve with the desired PSI in your tire. Pressing the ABS button will release the back pressure just within the pump system to relieve the pressure from the valve. This takes all the back pressure off your valve so when it comes time for unthreading you do not remove your core.
Well, this was my experience after suffering from the same problem as you, chatting to mr. Lezyne about it, then having the problem go away :)
But that doesn't disengage the threads? Does it? It still pulls non loctoted removable valves out.