In strapi you can install plugins in your `node_modules`. This allows for easy updates and respect best practices. To customize those installed plugins you can work in the `/extensions` directory. It contains all the plugins' customizable files.
Some plugins will create files in these folders so you can then modify them. You can also create certain files manually to add some custom configuration for example.
The admin panel is a `node_module` that is similar to a plugin but the slight difference that it encapsulate all the installed plugin of your application.