Only digital yes although some have physical reels but the actual reels are just for show they have no actual effect even if you move them (it will show reel tilt).
The lower the award the more symbols are on a reel, there are also virtual stops since a reel would need to have a diameter of 2 metres to fit them all on. Blank spaces are also stops. There is only one top award symbol on each reel.
Some slots alter the odds the higher you bet but those are not really common or at least we never had such slots.
I wasn't involved in that much detail to know how each slot machine OS worked other than get the machine working so it can be played. But generally speaking there are multiple PRNGs on old terminals new HD/CF based slots would have similar in software. Nothing is truly random of course, hence the pseudo part, due to limitations of the hardware and the crystal oscillators chips or software used to generate random numbers.
It's random enough although it very common to see a hold of over 100% and way under the optioned in percentage. Usually the higher the denom the higher the payback to the player e.g. 1 cent maybe 80% and $1 95% and $5 may be 98% but those are over one or ten million spins not per player.
Then add in progressives which add to the percentage so a 1 cent progressive at 80% + maybe 5% for the progressive math makes 85% payback. Recently random progressives that award for no reason i.e. you don't need the top five symbols at max bet to win. Some progressive award within a range starts/resets at say $500 won't go over $1000 so if it's $999 it will go soon (people fight over them at that point).
This doesn't include server based slots where the theme (the game e.g. Miss Kitty, Joe's Yard Games, Lobstermania) itself can be changed or the percentage can be altered by hour, by day by player. We never used server based slots but all casinos use a casino management system (CMS) backend to track players and awards points if they have a card and I mean each spin each bet per second every second all is captured. Award points for example may be 40:1 dollars:points it's ridiculously bad you end up paying $400 for a $10 t-shirt in the gift shop.
You may find a Paytable and Reel PAR Sheet interesting https://www.google.com/search?safe=off&biw=1920&bih=1050&sit...:
Delphi has a slot tech forum too. Randy Fromm is another big name he runs Slot Tech Magazine. Randy may even read HN, Mr Fromm are you there?
The industry is amazing right now so many acquisitions. Former slot giant IGT (USA) a huge company was bought by Spielo (Canada) but Spielo was bought by Atronic and Atronic (Monaco) was bought by LottoMatica (Italy). Bally bought Shufflemaster and Scientific Games bought Bally.