AFAIK modern xy mode is a spin-off of the digital phosphor technology. Many digital scopes even keep the trigger activated in XY-mode. This means, each time the trigger is activated, a snapshot of the signal on X and Y is taken and summarized to the display matrix.
Old DSOs also work that way in XY mode.
Is there any modern digital scope that really addresses all these issues? At least for lower bandwidths I could imagine a continuos, triggerless data acquisition like in roll-mode. Display update rate is a matter of computing power and the relevance of quantisation is a matter of available memory - so very theoretically it may be possible, but did anyone do it?
Bandwidth has nothing to do with sample rate, especially in XY mode. One of the odder uses of those ancient Tektronix sampling mainframes was to produce an XY display with GHz of bandwidth, all at a sample rate of about 50 kS/s. With one exception, analog oscilloscopes otherwise have limited XY bandwidth because they have low horizontal bandwidth and the vertical delay line adds phase shift to the Y input. The one exception that I know of is the Tektronix 7104 because it has a high bandwidth vertical amplifier design for its horizontal deflection plates, achieving like 350 MHz on its X axis.
But you bring up an interesting question. I just tested my 30 year old 2232 DSO, and in roll mode at slow sweep speeds, it generates its digital XY display continuously without any pause for triggering, just like the roll mode display is produced.