does Simulink build something like .exe from our model?

hi guys

In every model which are creating in Simulink are consist of some blocks and wires, I think blocks are shared library in the backend of Matlab, now I would like to know are those wires are shared library like blocks?

another question is:

when we click on the play icon, we can see something in the taskbar which shows, compiling... my question is, Is at this phase Matlab building .exe file that containing those shared libraries?