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Shubham Agrawal 22Shubham Agrawal 22 

Does Grant access with Role hierarchies works with OWD=Private ?

In such case will a Manager be able to see records of a object on which OWD is Private and he does not own those records.
Yes. The manager will be able to see the recrods even if the OWD is set to Private and does not own those records, if Grant access with Role Hierarchis is checked.

Checkout this link, where this is nicely explained: