storage policies - do they relate to TABLES or PROJECTIONS?

Documentation on storage policies use the term "TABLE" - but I thought TABLE was only a logical construct, with PROJECTION(s) being the objects that are actually stored and physically created. So when you create an object-level storage policy is it really at the TABLE level, or the PROJECTION level? If it is indeed the TABLE level, does that mean that the policy is applied to ALL PROJECTIONS which are associated with that table?

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