No, it does no look like that. The two methods to fetch annotations from a Kobo device will store them as HTML in either the comments field or the a custom column. The Annotations plugin is the more flexible as it has some formatting options and allows the choice of columns. I am fairly sure there are screenshots of what they look like in the plugins thread.
But, the annotations from the Kobo, or any other device for that matter, are not added to the annotations that calibre uses for the viewer.
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