Do you have a Cold Mac?
You can think of “phase modulation” like the transfer function outputs of CM. If nothing is patched to any of the main inputs, the output voltages all depend on the value of the SURVEY voltage. -5V into survey could be considered the start of each output (phase = 0degrees)’s waveform, 5V could be considered the end (phase = 360degrees). Increasing or decreasing survey is kind of like “fast-forwarding” or “re-winding” each output along its transfer function curve, depicted on the panel as the little glyph next to the output jack.
In general you can think of phase modulation as “scrubbing through” a fixed waveform. If you scrub forward linearly (i.e. at a constant rate), your output will just be identical to your input, at a frequency determined by how fast you are scrubbing. However if you start doing things like scrubbing backwards and forwards, things get more interesting and the waveforms you create become more complex.
In the context of what @Starthief was talking about, if the sum of two triangle wave’s controls scrubbing through a sine waveform, the slower tri will push the scrubbing overall in one direction, while the faster one will create little folds as it scrubs back and forth around the region determined by the slower tri.