Yes and Yes, even both.
When you create an alias for an object, the system creates a small data file that includes the current path to the object, as well as the object's
inode name. Each object's inode name is a long string of numbers, independent of the name you give the object, and guaranteed to be unique to any volume or drive your Mac uses.
[1] The latter guarantees that it still works if either one or both names and location changes.
Note that aliases are resolved by the Finder, so Terminal may give unexpected results.
