Public Key in client side Authentication

[Leftz]

Hi We access network devices via ssh. I can see "PublicKey" in SecureCRT. Please see the below screenshot. My question is since it use PublicKey, does the private key get involved in the process? Is this PublicKey the same concept as OpenSSL?   Thank you

[Leftz]

My understanding is PublicKey is one of four authentication listed at the authentication box above. if administrator assign private key at this device and PublicKey at the remote server, then the device(PC) can pass authentication, otherwise the device choose the next one until the authentication is successful. Anyone can confirm it? thanks