I have a similar project.
If I use the Release target the main project is only recompiled and relinked , if I change the api of the library, for example add or remove a function, if thje api does not change a relink is not needed.
In Debug target it is always relinked, if I change the library and recompiled and relinked if I change the api.
Dependencies have to be set in projects "Properties -> Build targets -> External dependencies -> External dependency files" and in "Properties -> Project settings -> Project's dependencies" .