It does not display every 8th frame. It shows you 8 frames, evenly spaced across the duration of the clip or alert item. For a 60 minute clip, the 8 preview frames will be at these timestamps:
1. 0s
2. 7m30s
3. 15m
4. 22m30s
5. 30m
6. 37m30s
7. 45m
8. 52m30s
And then it loops back to the start. It tries to load each frame 200ms after the previous one so you get a preview frame rate of (up to) 5 FPS, and it only takes about 1.6 seconds to complete a loop.
Imagine you were to make this preview show a frame every 2 seconds instead. Now it takes 6 minutes to preview a 1 hour clip (or longer, if
Blue Iris can't keep up with the 5 FPS preview rate).