Does trimming in "Media managment" transcode or just copy?

If I choose "Copy" in Media Management and select "Used media and trim keeping [ ] frame handles", will the result be transcoded from the original or will it be losslessly trimmed? If the latter, how does this actually work with Long GOP codecs such as H264/H264?
It would be great if this is actually lossless because transcoding into something which avoids generational loss such as DNxHR would actually increase the size rather than reduce it since the source is in a mix of H264 and H265.
It would be great if this is actually lossless because transcoding into something which avoids generational loss such as DNxHR would actually increase the size rather than reduce it since the source is in a mix of H264 and H265.