IF evaluates the logical_test argument first. This is any expression that resolves to true or false — a comparison like A1>100, a function like ISBLANK(A1), or even a formula that returns TRUE or FALSE. If the test result is true, IF returns the value_if_true argument. If the test result is false, IF returns value_if_false. The values you return can be text in quotes, numbers, blanks (written as empty double quotes ""), cell references, or even other formulas. You can nest another IF inside the value_if_true or value_if_false to chain multiple conditions, though for more than two or three conditions
IFS or a lookup table is usually cleaner. One thing worth knowing: IF treats zero as false and any non-zero number as true, which sometimes catches people off guard when they check whether a cell contains a number.