Core Administrator Permissions

Hi There

I am a bit confused on how exactly the core administrator role functions.

All the help guides mention that it behaves like the administrator role though allows restrictions.

Does that mean it has all of the administrator role permissions? (other than viewing employee data or location, class, department and subsidiary if they have been restricted)

For example:

I have created a new custom role:

There are no permissions specified.

If I logged in with that role, does that mean I am able to do the same tasks as an administrator? (despite not having any permissions given to that custom role)