“most likely guaranteed a placement” is incorrect
You are officially guaranteed a spot for the following Fall semester provided you meet all the terms of your Transfer Option letter. This would include for example: 3.5 GPA, no lower than a B grade in any class, take all the required classes the letter specifies, maintain good academic standing, etc etc
If you check the boxes then you are in, an administrative application only . . .
Your GPA from your first school will not count towards your Cornell GPA however
https://as.cornell.edu/transfer-option-information
https://admissions.cals.cornell.edu/transfer-option/transfer-option-faqs/
https://dyson.cornell.edu/programs/undergraduate/admissions/transfer-option-faq/
Each Cornell undergraduate school will have a FAQ
Good luck!