Yes, bearings. Have done a fair few of these and you often can’t even feel the play in the bearings themselves.
No idea on the bearings – I’d usually knock ’em out and measure them to be sure. As a note, through-axle bearings can be a bugger to remove because there’s no axle to bash out and you often can’t get a drift onto the inner edge of the bearing. I now use one of these to drift out one side, and a regular drift on the other.
The freehub should just pull out of the hub once the cassette is removed. It might take a fair bit of force to pop the seals out though. Plenty of videos on these, which I think are DT Swiss hubs.