What IT can manage / see: the work profile container — the managed (work) apps, the data inside them, work app inventory, and compliance/security status of the work profile. IT can enforce passcode policies, restrict copy/paste between work and personal apps, and remotely wipe the work container if you leave the organization.
What IT cannot see: your personal side. The organization has full management control of the work profile but has no visibility or access to the device's personal profile. That means your personal apps, photos, messages, browsing, and personal accounts are not visible to your employer, and a wipe of the work profile leaves your personal data untouched.