Keyword Highlighting - "Whole Words" vs "Phases and substrings"

[slouw]

Greetings

For the feature located here:
Session Options / Terminal / Keyword Highlighting/Advanced

Is it accurate to say that for:

Whole Words
Text output is devided into strings by (one or more space characters).
Each string is evaluated with the keyword list in order.
Each keyword by definition cannot contain a space (Whether a regular expression keyword or not)

Phrases and substrings
Text output is devided into strings by a carriage return i.e. new line.
Each string is evaluated with the keyword list in order.
Each keyword by definition can containt a space (Whether a regular expression keyword or not)
Each keyword cannot span multiple lines.

Much appreciated