Most runners slow down on hills and try to make up time on the other side. The problem is the metabolic cost of running uphill is disproportionately higher than the savings from running downhill. A 10% uphill costs 66% more energy than flat, but a 10% downhill only saves about 40%.
Constant-effort pacing distributes your energy evenly across the entire course. You slow down on climbs and speed up on descents, but the internal effort stays the same.
The result is a faster overall time than running even pace, because you avoid the metabolic debt of pushing too hard on uphills.