How Does HubSpot Track Referrers and UTM Parameters Across Multiple Pages?

Thanks Pam! Do UTM property values get populated for a contact with an active cookie with no form submission? Or is a form submission required for those to be pushed to the contact record?
Example: A contact with active cookie clicks a link - mysite.com/utm_property=123

Does 123 get written to their contact record under utm_property? Or does this contact have to submit a form for this to happen?