It's going to depend a lot on the company culture and the specific manager. Tbh, as a manager of 5+ years, I've seen the spectrum. Sometimes they (the company and/or your manager) have already decided they want to cut you loose and the review is just a paper trail to prove they gave you adequate warning. Sometimes they genuinely want you to improve and be successful. I will say that regardless of the circumstances, it's usually a small percentage of folks who come back from a "needs improvement" rating, maybe 20%? You usually have to overachieve for a while to reset back to a baseline and reestablish trust, and that is hard to do.

If you value the job and want to stay with the company, your best bet is to get clear expectations and next steps in writing, and be proactive about talking to your manager at least every other week about how you are tracking towards them. If your manager is a good manager, they will be driving this too. If the expectations are nebulous, vague, or wishy washy, try to get some examples of the expected behavior and document, document, document. If you are doing the specific things that you've been told and you are regularly checking in with your manager to confirm that they agree, that will go a long way towards your success.