Could someone please correct me if I am wrong?
It takes Boolean. So If I connect only the Z axis via "Separate XYZ" and use "Compare Node" to get only values larger than 0 it will look something like this:
Set Position node iterates over instances and points (vertices, curve control points, point cloud points) of the supplied Geometry, and for each:
So it's pretty simple, a point is either moved or not, it doesn't treat each axis separately. So, based on the implicit conversion rules I described here, value $0$ becomes False, and value $1$ becomes True. Therefore using a field, that for first 5 points evaluates to $1 = $ True, and for the latter 5 points evaluates to $0 = $ False, makes it so only the first 5 points are moved, and the latter 5 points aren't.
More reading: