It’s more complex than the pre-print calibration, it actually prints some particular shapes for the “High-precision” offset calibration, and optically scans them to adjust the offset.
This is a possible explanation, as Bambu Lab has not provided any technical documentation on the matter.
The sensor can be designed to check whether the nozzle is properly aligned along both the X and Y axes. If an error is detected, the camera assists in fine-tuning the X/Y calibration. It may do this by comparing the actual printed lines to their intended positions, identifying any small misalignments. When an offset is found, the camera relays that information back to the printer, allowing it to make precise adjustments.