I think it's half that and half doing things like City Today, so not just sitting in front of a laptop all day.
They may ask you to do some unusual hours but they won't ask you to do it on top of your usual shift. If they have you staying up until midnight one night, you can expect that they'll allow you to casually roll in at 2pm the next day. Honestly, I'd quite enjoy a job with irregular hours like that, especially since you'll spend so much of your time in the company of the actual players and management.
They wont let you stroll in at 2 pm, no way, they will give you time in-lieu. If some news or other breaks that morning and you are not about, you would be booted there and then. There will be spells of long long hours and then in-lieu days to recover in which you lose one day because you will be that knackered.