It's actually not that different, and of course they make as much use of caching as possible.
So does my self-hosted wp blog, for that matter. If you are using WP Super Cache correctly, you can deal with significant amounts of traffic. I've seen peaks of hundreds of simultaneous users on my blog, with a server load < 1. The server is a modest aws small instance.
Every time an article is created, saved or published, wp uses hundreds of non-cachable queries.
Every time an article is published, it causes the cache to be deleted for not only that article but related pages, which means all those pages have to be rendered again.
For one author, that can be managed. Many authors, the cache is constantly being defeated.
I know they replace the database class on wp.com to support replication (I think they even released the code once) but I don't think they do extensive changes otherwise unless you've actually read otherwise.