It is a real installation of python with all the bells and whistles and more. Setting up your IDE to work with it may be a bit of a challenge, but I have a couple of blog posts on using Spyder as the IDE. It, and Jupyter QT console and Jupyter notebook are shipped and can all be installed.
You need to keep legacy 2.7 separate from 3.6.* that is why they use an Anaconda distribution, so that all play well together. A separate installation of python 3, just isn't going to cut it either. Sorry to hear that you don't have admin rights., but if you are a single user on your machine, I recommend installing the root of C:\ (ie C:\ArcGISPro ) so it doesn't get buried in the windows path fluff.