Many peripherals also have a bit to disable the peripheral in idle mode. For example, lets say that you want to conserve power but need to listen for incoming bytes on the UART. If your device is using a few timers, some PWM, and SPI, you would configure those peripherals to be disabled in idle mode but keep the UART running. Shutting down those peripherals would save power.
If you go to sleep, pretty much everything is shut down except for the watchdog timer and external interrupts.