[rdtsc]

There is an IO thread pool for some blocking operations like file IO, and there is also epoll for sockets, for example if I see this in the prompt on my laptop:

   $ erl
   Erlang/OTP 18  ... [smp:4:4] [async-threads:10] ...

The async-threads indicates it has started 10 IO threads. So if a process needs to read from a file on a slow disk, it will dispatch that request to one of those threads and then it will be descheduled (put to sleep).

The smp:4:4 says there are 4 schedulers configured and enabled. Usually there is a scheduler (as an OS thread) which runs on each core (also highly configurable, with custom topoligies, affinities etc). Those schedulers will pick and run Erlang processes.

Typically to ensure fairness, each process is allowed to run a set number of reductions (think of them like equivalent bytecode, but say an internal C driver like a regex parser should also periodically yield and report it consumed a given number of reductions, so it can be descheduled).

Funny enough all that sounds a bit like an operating system, and that's a good way to conceptualize it. Erlang/OTP is like an OS for your code. A modern OS is expected to be resilient against bad processes messing with other processes' memory, multiple applications should run and be descheduled preemptively etc.