I can't remember and I can't find it anywhere when I google. If I make Accounts Read Only in Org-Wide Default and check grant access using hierarchies does that mean the users above the owner in the Role hierarchy can read the record or read and edit the record?
Salesforce says it makes the record visible, is that just read? https://developer.salesforce.com/docs/atlas.en-us.securityImplGuide.meta/securityImplGuide/security_sharing_owd_about.htm