No, your right, they work the same. It will have all the effects you create in it though.
I would also personally recommend you do all your color correction last. I'm in the middle of color correcting and it's true, you need to do each scene individually, sometimes each shot, and there is no sense color correcting the entire movie if you plan to cut, say, 20 minutes of it. Finish the edit, transitions, and special effects to match the original color then color correct it.