Technically, Android is based on a modified Linux kernel, and all processes running on Android are regular Linux processes. Thus, when the kernel goes down, all processes also shut down.
Alarm Manageris a system service that works with other system services within the same Linux process (System Server) through an instance of Dalvik VM. As I said, System Server is also a Linux process, like other processes, and will be terminated as soon as the entire kernel stops working.
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