No, your scheduled actions will not each get a transaction to themselves. They are likely to be grouped together with each other, with other scheduled actions from different runs of the same process, or both.
From Transactions and Scheduled Actions:
Scheduled actions aren’t performed independently. They’re batched in one transaction with other actions that are scheduled to execute at the same time, have the same process version ID, and are executed by the same user ID. This behavior can cause you to exceed your Apex governor limits if the batch’s actions execute DML operations or SOQL queries.
Emphasis mine. You'll have to break out of the shared transaction in another way, perhaps by moving into Apex to take advantage of Queueables.
Alternately, it's possible that you may be able to use a single scheduled action calling a Flow that uses multiple Wait elements to break the DML of the entire >10k record set into multiple transactions. Flow resumes are also batched, like scheduled actions, but because you can store state and resume, you wouldn't have to run the Flows in parallel and thereby risk having them resume in the same transaction. You could break the DML operations over however many Wait elements needed to assure yourself that the risk of multiple independent Flows resuming in a shared transaction wouldn't threaten limits.
I can't say that I've ever built a Flow to deal with that data volume myself, though, and I feel going to Queueable where you have complete transaction control is a much safer approach.