How does DeltaTime handle game logic ?

I already understand deltatime but i just need some confirmation. Does DeltaTime run for each millisecond of game code until the next frame was drawn or it just take values from the frame it last drawn.

(last frame(the value) → code → next frame)

Time.deltaTime is the time it took to compute and display the last frame in seconds. It doesn’t count up during an Update() cycle. It is a retrospective report of how long the last complete frame took to make. Does that answer your question?