Does taking a time lapse on an iPhone save the actual time or the clipped time?

When you take a time lapse video on an iphone and it saves does it save as the long amount of time or the clipped amount of time? When you take a time lapse you hold the phone there for however long, and after a while you stop it. It says something like "processing," as in it's clipping the video into a time lapse. When it saves to your camera roll, does it save as the original, long video you took before it processed or the new, clipped video that was turned into a time lapse? Sorry if this is confusing. If anyone can answer that would be great.

Just the time lapsed version.

There are apps, such as Lapse It, that show you both times.