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When the scheduler(on one core) sees these concurrent tasks, it allocates some time and memory at runtime to child and lets it run for a bit, if the process does not finish(an infinite loop for example), the scheduler moves on to child_two and so on, checking up on each process, computing a bit. Processes are namespaced in a local registry for a single node. Scheduling across multiple nodes works the same way, only you'd need a different way to manage the global name space of running processes.
Elixir provides a beautiful modern language that allows you to leverage the amazing ecosystem and novel concurrency ideas built into erlang, offering you the tools to create and design highly fault-tolerant, self-healing systems, sometimes at the cost of absolute runtime performance. You can see this with need to replicate data structures and performing computationally intensive tasks that would make sense to be processed sequentially. Do not despair however, you can carefully poke a hole into the runtime through the C interface via Native Implementation Functions, whether in C++ or perhaps rust via rustler. Or outsource this kind of heavy-lifting if required to a service in a different language. Let's explore at a high level the conceptual underpinnings of relatively more popular languages and how they stack up against the BEAM's approach.
[11] node io: https://github.com/libuv/libuv