Given this routing config with PreloadAllModules, what happens after app startup?

Given this routing config with PreloadAllModules, what happens after app startup?

const routes = [
  { path: 'admin', loadChildren: () => import('./admin/admin.module').then(m => m.AdminModule) },
  { path: 'user', loadChildren: () => import('./user/user.module').then(m => m.UserModule) }
];

@NgModule({
  imports: [RouterModule.forRoot(routes, { preloadingStrategy: PreloadAllModules })],
  exports: [RouterModule]
})
export class AppRoutingModule {}