Yes, this is something that can vary by person and industry as to how it specifically looks, but it is definitely a constant for any person both professionally but also in personal lives.
Things change; technology, markets, laws, roles and so on. Knowing what is going on, keeping yourself educated is professional development. Learning new skills and how to do something better, or different is also part of development.
There are lots of way to get and digest this kind of information. It can be online: videos, articles, courses, chat platforms etc. It can also be in person/real life [IRL]: School/classes, conventions, socals/networking events or reading magazines or journals.
Depending on your goals this will also vary. If you are wanting to add a new skill, you will probably take a class or do some sort of training event. If you are just wanting to keep up to date on your industry and its challenges and successes others are facing, you may read an article or watch a video or attend an event.
I do/have done all of the above.