What merging a PDF actually does
Merging takes the page objects, fonts and embedded images from every file you add and writes them into a single new PDF in the order you chose. Because the pages are copied rather than rendered again, a 300-page merged report looks exactly like the originals did, with working links and selectable text.
This matters when you are combining signed contracts, scanned ID pages or exported bank statements: re-printing them through a virtual printer flattens the text into pictures, while a real merge keeps them searchable.