Does a wait() in a function that is connected to an event yields the entire thread?

Greetings! The title of this topic is self-explanatory.

Does a function in a connection below yield the entire thread?

Example:

game.Players.PlayerAdded:Connect(function(player)
 wait(3)
 print("player.Name")
end)

Sorry if the code is not formatted!!! I'm new to this website!