When the system boots and kernel executes /sbin/init for PID 1 it will actually execute /lib/systemd/systemd via symbolic link. See man 1 systemd for details.
During early startup process of systemd, all generators will be executed which may automatically generate new config files before all config files are loaded. See man 7 systemd.generator for details about this process.
The systemd (PID 1) will then look for default.target which is by default a symlink from /lib/systemd/system/default.target to graphical.target. (You're supposed to query this with systemctl get-default and set a new target with systemctl set-default.)
Once the default target is known, systemd (PID 1) will then recursively look for dependencies for this target.
If you want to know how some specific target or service was started, try e.g. systemd-analyze critical-chain network.target or even systemd-analyze dump. The netplan is initialized via generator /lib/systemd/system-generators/netplan and it contains hardcoded information about NetworkManager, too.
I'm not entirely sure how systemd boots with a system with filesystem root / on a software RAID device (e.g. boot from RAID 5 md device in /dev/md0). I would assume initrd is used to build the RAID array but I couldn't find details about how this works in practice. Obviously, how exactly the root filesystem is located and mounted is an implementation detail that will happen before trying to read the configuration files or bring the network up so it's not important for the original question.