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Every configuration option from the GUI goes to that file, yes. https://docs.opnsense.org/manual/backups.html
Logs are not saved alongside nor obviously inside. You don't get those in a restore.
Changes or additions made directly in the filesystem will not be included i.e. templates, scripts, etc.
The backup will contain the record of installed plugins. After a restore, these records will help the system pull the necessary files from their repositories to get back to the restored state.
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It is the oppossite. Installing the config.xml to a clean install restores the state as per that config.
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I'll repeat myself :)
Logs are not saved alongside nor obviously inside. You don't get those in a restore.
Changes or additions made directly in the filesystem will not be included i.e. templates, scripts, etc.
The backup will contain the record of installed plugins. After a restore, these records will help the system pull the necessary files from their repositories to get back to the restored state.
So when you restore a config file onto a newly installed system, the config will bring the configurations made on the UI and a record of plugins that need to be re-installed.