What Netplan writes and what it does not
Netplan is a YAML front end for the real network stack. On Ubuntu Server it converts /etc/netplan/*.yaml into systemd-networkd units, and on desktop installations it hands the same description to NetworkManager. Nothing in the YAML file takes effect until you run netplan generate and netplan apply.
Files are read in alphabetical order, so 01-netcfg.yaml is processed before a cloud image file such as 50-cloud-init.yaml. When two files describe the same interface, the later file wins, which is a common reason a hand-written file appears to be ignored.
This generator covers addressing, routing to a default gateway, DNS, MTU, MAC overrides, VLANs, bridges, and bonds. It deliberately leaves out wifi credentials, tunnels, per-route metrics, routing policy, and vendor-specific driver options, because those are easier to get wrong than right from a form.