The snippet records page views, clicks, pointer movement and scroll depth, and attaches them to the signed-in person where there is one.
IP Addresses Are Not Stored
Country is derived from the request at the edge, and the IP address is discarded rather than stored. You get the country column; Behavly does not keep the address it came from.
Bots Are Tagged, Not Dropped
Bot traffic is labelled and kept, and Bot is a filter option on both visitor lists. Silently discarding it would make your totals unexplainable — you would see a number, change nothing, and watch it move.
Password Forms Are Skipped
The snippet never identifies anyone from a form containing a password field. Such forms are skipped entirely rather than having their other fields read.