I thought the idea of the catalyst was to cause the reaction to happen, but is not part of the reaction, so what do you mean by used up? I know most of it ends up in the glyc so does that mean it is neutralised in some way or just locked into it?
Sorry if it's a dum question but if something doesn't add up in my head I prefer to ask an expert rather than lose sleep 
I'll have a go at explaining in my laymans terms and from info read.
Sodium/Potassium Hydroxide water and Vegoil is the formula for Soap, in our conversion the first reaction is Soap 'cause you can never get bone dry wvo. Mixing either catalyst with Methanol produces water.
When titrating the value in g/ltr is used up in the soap reaction when neutralising the FFA, this produces water so more catalyst is used up.
Soap and Glycerol in the mix will retard or stall the reaction, this is where the titless method comes into its own.
We add what we consider necessary in catalyst/methanol to deliberately stall the reaction once the FFAs have been converted to soap and a good majority of the glycerol has been stripped from the Trigyleride molecule and remove the by product.
This leaves a relatively clean miix to finish, the fact that there are no FFAs and very little glyc we only need a reduced percentage of methanol and catalyst to move forward to completion.
Any glycerol drawn off will contain any catalyst not used in the production of soap, it can be reclaimed and used again BUT it's not a simple process and for the home brewer and not worth the effort and cost.