It is a bit more complicated. In practice the load is carried (almost all) by friction, it is calculated to be ably to carry the load by bolt shear too.
If it were bolt shear only the tightening torques would be quite low, no need for high ones.
With pre drilled holes the load carrying capacity would be a lot lower than the theoretical one with in place reamed holes.
I remember one composite-metal connection where it was dimensioned for both bonded and bolts. In practice the load is/was carried by the adhesive.