When you look down at your instruments you tune out the road as well. It's that the HUD removes a lot of the time it takes to do that but it's effectively not in your field of vision when looking down the road.
But you are ignoring the psychology of how our image processing works:
When you glance down at your instruments you know you are looking away from the road so you need to look back.
When you concentrate on a HUD you have the perception that you are still looking at the road - you simply aren't payning attention to it.
Its just another example of the invisible dancing gorrila.