The process consists of the blast media (can be different media types but glass beads are typical for aluminum), water and compressed air. Vapor Blasting seems to be the most common process name likely because a company called Vapor Blast was an early mfg of the equipment to do the process but vapour blast, wet blast or even liquid honing are other names of the process.
As long as the pieces are reasonably clean, free oil and grease free and running gear like valves, springs, ball and roller bearing are removed, the piece can be processes. Bronze bushing type bearings and valve guides can be left in place.