What does Ctrl+L do "under the hood", if not invoke clear?

I've noticed that using Ctrl+L to clear my terminal has some differences from using the clear command (from ncurses 6.5.20240427). It seems that the clear command will wipe every character in the terminal, set the cursor at the top left, and then type out the prompt. Ctrl+L might seem to do the same, but the upper 2 lines of my prompt (and the blank line above it) don't show. Interestingly, if I had something typed after the prompt, it retains that - and not just the line that the prompt was on, but everything after the prompt. I looked into man clear and found no options to replicate this behaviour, so what exactly is Ctrl+L doing under the hood? Is it invoking a program, or is it a behaviour built into most terminal emulators with implementation down to the specific terminal?