Noise model for 3 Qubit $|GHZ rangle$ state measurement circuit

I found this example code in Qiskit documentation.

Does this code signify that it is simulating noise as per the IBM Valencia quantum chip. If yes, what kinds of noise does it simulate? I executed the code below in the quantum lab and analyzed noise in qubit measurement in various quantum machines.

from qiskit import QuantumCircuit, execute
from qiskit import IBMQ, Aer
from qiskit.visualization import plot_histogram
from qiskit.providers.aer.noise import NoiseModel
provider = IBMQ.load_account()
backend = provider.get_backend('ibmq_valencia')
noise_model = NoiseModel.from_backend(backend)

coupling_map = backend.configuration().coupling_map

basis_gates = noise_model.basis_gates

circ = QuantumCircuit(3, 3)
circ.h(0)
circ.cx(0, 1)
circ.cx(1, 2)
circ.measure([0, 1, 2], [0, 1, 2])

result = execute(circ, Aer.get_backend('qasm_simulator'),
                 coupling_map=coupling_map,
                 basis_gates=basis_gates,
                 noise_model=noise_model).result()
counts = result.get_counts(0)
plot_histogram(counts)