When is admin_init Action ran?

I have this function below that is called with the admin_init Action

function my_flush_rewrites() {
    global $wp_rewrite;
    $wp_rewrite->flush_rules();
}

Like this

add_action('admin_init', 'my_flush_rewrites');

I am curious, when is this called? Is this called on every page load? Hopefully not

From the Codex:

admin_init is triggered before any other hook when a user access the
admin area. This hook doesn’t provide any parameters, so it can only
be used to callback a specified function.

So yes, it’s run on every admin page load.