Only that on your side it runs on each device itself (that's how I understand it now) and everything is connected with cables.
Kind of, each device in KNX has its tasks and executes them according to the parameters set by the user. These can sometimes be self-learning and self-adjusting. Each device is independent and does not require a central unit that forms "the brain of the installation." However, it is of course possible to use central units for higher or complex tasks or as connection interfaces to other protocols or systems.
It is especially easy when everything is connected via the bus cable. However, this is not absolutely necessary for all devices. If needed, other communication channels can be used, such as Ethernet, Wi-Fi, or other radio variants, thus forming entire subnets. Of course, one tries to connect as much as possible directly to the cable because here there is an almost 100% guarantee that it will still work flawlessly decades from now, and the configuration is simpler since everything can be done from one tool.
But I think that even this simple if x then y, especially with drop-down selection, completely overwhelms many people. It's like percentage calculation, basically totally simple but it makes many people sweat.
Basically, it is similar to the Homematic GUI, except that there is not just one manufacturer but now more than 500. So the parameterization of a Siemens device works just like that of one from Busch-Jäger or Hager. It depends on what kind of device it is, and many (nowadays many) offer the adjustment of selected parameters on-site at the device itself.
The often-mentioned "change for which you have to call someone." This is often simply possible on the device itself. Of course, if you haven't thought ahead or planned accordingly or were not informed about it, then you rely on outside help.