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www.nytimes.com]
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It does presumably include as yet unreleased material. Dylan's back catalogue was sold this year and his publishing for an even bigger amount in 2020.
I guess the details vary from artist to artist, however the artist would still be able to have clauses on how the music is used and what gets released.
I know that Springsteen has done this to prevent his music being misused in a way he wouldnt feel is appropriate (the most obvious example would be 'Born in The USA' being used for a political campaign).
Not the first time someone has had to be careful about the misuse of their work. I remember Johnny Cash's family taking umbrage at the potential use of 'Ring Of Fire' in an ad for haemorrhoid cream a while back
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news.bbc.co.uk].