But either way yes, it is very meticulous, and I think you'd be even more shocked to look at the project files, because each individual sound you hear in a film often involves multiple layers of sound or multiple treatments of a single source sound through different mix busses. As a rule of thumb there are bout 10 edits on the sound track for every cut you see on screen. Thankfully there are some tools available to partially automate the process, but in the it requires a huge amount of work and near-endless reserves of patience.
Source: movie sound is what I (mostly) do for a living, though I haven't won an Acamdemy award for it.