KMS Key Policy effect of key policy code

I am curious what the effect of the follow code provides:

{

"Id": "key-consolepolicy-3",

"Version": "2012-10-17",

"Statement": [

{

"Sid": "Enable IAM User Permissions",

"Effect": "Allow",

"Principal": {

"AWS": "arn:aws:iam::1234567890:root"

},

"Action": "kms:*",

"Resource": "*"

}

]

}

Does it allow access for the account to manage key access through IAM policies?

Does it allow all IAM users in the account to have full access to the key?

I have my own ideas of what its effect is but want to check.

Thanks,

Pete

Edit: Moderator edit to not show a real account number