When the init process is executed when the kernel has loaded, does it read the /etc/inittab file in a top down approach i.e. it executes each line as it appears in the file.

If so and based on my reading and understanding, does this mean that it enters the documented run level and then launch sysinit process or vice versa?

For example the common examples I have seen are

id:3:initdefault:

# System initialization.
si::sysinit:/etc/rc.d/rc.sysinit