You are correct in that symlinks will not be printed, but your analysis is incorrect.
If a symbolic link is encountered, -type l is true. -prune is always true, regardless of the file type, but it only has any effect when the type is a directory. The only reason that the symlink's path isn't printed is because there's nothing in that subexpression trying to print it.
Either of the following would print symlinks (I am dropping the parentheses because they are redundant):
find / -type l -prune -print -o -type f -print
find / -type l -prune -o -type f