Is DOMContentLoaded fired after downloading all script tags?

Consider the following scenario:

<!DOCTYPE html>
<html lang="en">

<head>
    <meta charset="UTF-8">
    <title>Document</title>
</head>

<body>
    <script src="js/heavy_js_file.js" defer></script>
    <script src="js/heavy_js_file2.js" defer></script>
    <script>
    document.addEventListener("DOMContentLoaded", function(event) {
        console.log("DOM fully loaded and parsed");
    });
    </script>
</body>

</html>

Would DOMContentLoaded fire after downloading and executing all external deferred scripts?

P.S: MDN definition says DOMContentLoaded is fired after parsing the html DOM. I am not sure if parsing the html dom means downloading and executing js files as well.