I've visited quite a few ARF factories in recent times.
Yes - the parts are Laser cut (mostly but I have seen one factory that router cuts them),
Many factories don't sand the "Char" from the laser cut surface. - this is where many ARF's get the reputation for being poor quality because it can act as an inhibitor to the next step.

The different components are then assembled on basic jigs. This is the other place where the Quality or lack of it comes from. Some factories dry assemble, then apply CA to wick into the joint, Some use hot Glue then put the joint together really quickly, Some use hot glue on the outside of the dry assembled joint, and some use CA prior to assembling the joint.

The covering is then (usually) done by hand from predetermined templates for each panel.

One thing is for sure. Each of the factories that I have dealt with do a lot of R&D test flying to get the models to fly well.