My interpretation of the implementation you identify above is that local host is bypassing the proxy not using it.
lisa.http.webProxy.host and port are used to identify the FQDN of the HTTP proxy server you want to use.
DevTest provides the option of identifying hosts to exclude from going through the proxy server. For HTTP proxy, you exclude a host by identifying that host in lisa.http.webProxy.nonProxyHosts.
Here is an example:
lisa.http.webProxy.host=192.168.24.242
lisa.http.webProxy.port=49185
lisa.http.webProxy.nonProxyHosts=127.0.0.1|192.168.32.*
In the above, the first two lines specify that the URL for the HTTP proxy server is http://192.168.24.242:49185.
The third line specifies the hosts that will not go through this proxy. They include the loopback address for the localhost (127.0.0.1) and IP addresses in the range 192.168.32.0 through 192.168.32.255.
I do not believe this configuration has changed since 7.5.2, so this link should help clarify:
Using an HTTP/S Proxy Server - DevTest Workstation - DevTest Solutions - 10.0 - CA Technologies Documentation