What the PNG you get back actually contains
PNG is a lossless format, so the conversion itself neither adds nor removes anything: every pixel the WebP decoder produces is written into the PNG exactly as it stands. What it cannot do is give detail back. If the WebP was saved in lossy mode — which is how nearly every WebP on the open web is saved — the smoothed edges and flattened texture were baked in long before you downloaded the file. The PNG preserves that state faithfully, artefacts included.
Transparency survives the trip. The image is drawn onto a canvas that keeps its alpha channel and written out as 32-bit RGBA, so a sticker or a logo with a see-through background arrives with that background still see-through, soft anti-aliased edges included. Colour management does not survive in the same way: the output is plain sRGB, which is right for screens, but a wide-gamut WebP loses its embedded profile on the way through.