Others have well covered the facts of how Unity works… I’ll venture to give a bit of advice for your game.
If you want to make a 2.5D dungeon crawler, you can do it with sprites or 3D objects, or some mixture of both. So which should you choose? That depends mainly on where you’re going to get the art, and in what form (3D models vs. 2D images).
2D images may be easier to come by (if you’re using free art), or easier to create. On the other hand, you will need more variations of each character: one for each direction they can face (usually 8). Also, you generally can’t morph sprites for the sake of animation, so your artist will have to draw a separate image for each frame of animation (times however many directions they can face). Maybe you have 4 walking frames, 4 attacking frames, 2 death frames, that’s 10, times 8 directions, that’s 80 images for each character. A good pixel artist can pump those out pretty quickly, but still, it’s a lot of art.
3D models can be rotated arbitrarily, and they can (often) be rigged and animated with bones. So you only need one model, though you still need (say) 10 animation poses. So it’s actually less art, but requires more sophisticated (3D modeling, texturing, rigging, & animation) art skills to produce. However, if you’re just starting out, you might find some great stuff on the Asset Store. Here is a fun little hack&slash game my older son created last year, built entirely with a couple of Asset Store art packs.
(Erm, please excuse the debugging output.)
Then there’s the combination idea: you could use sprites for your characters and pick-ups and whatnot, but use 3D objects for the dungeon walls. Those could be just textured cubes, so are no harder to produce than sprites, and would allow you to have a true perspective (rather than isomorphic) camera. But the challenge in this case will be to ensure that your sprites & walls have the same style and blend together seamlessly into one visual experience.
Good luck, and whatever you choose, have fun!