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You can also check out SharpLab, to get an idea of how C# code gets lowered, compiled, and JIT-compiled.
Yes, judging by the docs, the newobj call handles the necessary memory allocation for the object, and object initialization. If you want to go deeper than that, you can try digging into the CLR's source code for yourself.
NOTE:
The number of mentions on this list indicates mentions on common posts plus user suggested alternatives.
Hence, a higher number means a more popular project.