Hahahaha. No, fundamentally it is one input into a huge mess that you cannot actually see or audit from a 10k foot level.
AWS has produced a long, rambling and imprecise description of (some of?) what’s actually going on. You can read it here:
https://docs.aws.amazon.com/IAM/latest/UserGuide/access_poli...
Some of what they’re describing doesn’t even live within the IAM umbrella as far as I can tell. I’m not convinced that a concise, formal and unambiguous specification exists anywhere, even within AWSes own development teams.
I’ve asked LLMs to write AWS “policy”. They get the grammar mostly right. They cannot explain what the effects are in a manner that they will stand by after they search the web for documentation. Since I have never found good documentation despite looking, I can’t personally do any better than the LLMs. I’d love to be pointed at real documentation or specs.