I dont know about under the hood, but by default it has no playstore or google services. I would imagine its fairly degoogled.

Last time I tried (1 year ago), waydroid on UT used a Lineageos image, which means that you’ll get the same level of degoogling as a stock LineageOS system. Some internals still uses Google, but it comes with no Google apps for example.

From there it’s up to you to install or not Google apps and services. It does not bundle play services for example.