What does the Defender Anti-Spam (Inbound) policy overrule?

Question

The Defender Anti-Spam, Anti-Malware and Anti-Phish policies all sit together in the Email Policy and Rules section, but I am trying to understand what an exception to these policies would over rule?

Mainly looking at the Anti-Spam Policy, as that is the one I most frequently add too, if I add an email to its exception list, what would it take for that email to still be blocked? If that email sent malware, would the Anti-Malware rule over rule the Anti-Spam and still block it?

I found the Microsoft Documentation on it but it wasn't very helpful in the context of what protection Anti-Spam removes and the prioritisation.

Any help would be great and please could I have the source of any information provided.