Local Coop on PS5 - Single account?

Hi everyone, the FAQ say:

"

Yes, you can play Path of Exile 2 in couch co-op mode on a single account right from the start. The second player will be able to create a character on that account.

Does this mean that PS5 second player would use the first player account to create a character on the first player account? Does the second player will make use of First player microtransactions? Does the second player get PS trophies?