I'm not sure if CP answered your question or not, but here's a quote directly from the Architect about your question:
In Keyboard Maestro’s case, all conditions are evaluated asynchronously, simultaneously. Any condition that returns true for an “any” or false for an “all” condition will result in the condition completing with a result.
You can find that quote here:
He speaks further on this topic in that message, so you might want to read the whole thing.