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Other Stack Exchange users have already answered this question in posts elsewhere.

t0mm13b writes that, while displaying your carrier's shutdown animation:

  • Android is safely shutting down vital parts of the runtime.
  • The OS is also broadcasting intents to tell apps and services to gracefully close. These, in turn, flush their caches of all data and shared preferences, save what-nots to the sqlite database, et cetera.

In other words, apps and services are given a chance to do their cleanup systematically.

[Commands such as adb reboot] are harsher. They actually bypass the safety mechanisms for a graceful shutdown.

Elsewhere, Yury offers a different explanation of what Android does during a graceful shutdown.