No, when you send a book to the device, calibre updates the metadata and the cover. It doesn't fiddle with any other parts of the book. This only changes the copy that is put on the device, not the one in the library. Unless you don't have a format that the device supports. In that case, the book is converted before being sent.
As to the resizing, the conversion will downsize an image to fit the output profile. But, it doesn't increase the size..
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