How is a non-standard literal different from calling its corresponding macro?

[savq]

@Benny

I don’t know what other decisions that the parser makes before macro expansion

From my understanding, which is mostly based on this JuliaSyntax file, the only things that can be escaped in non-standard strings are the string delimiters themselves: \" (if string), \` (if cmd). Everything else is treated as a regular character.