Loop all channels
This action starts an unnamed loop of all the channels on your server, including the channels hidden from the public channel listing.
For each channel, the Channel > On all channels loop condition is triggered, with that one channel selected, so you can use it in any action, condition or expression that refers to the selected channel.
Once the loop is over, the Channel > On all channels loop finished condition is triggered once.
All those loop events happen instantly. Read more about how loops work here.