I though I will comment to @lunr's answer but adding as an answer due to it's length.
And if that's true, will that transaction take longer to get confirmed than say a regular transfer transaction? (given they're both sent with the same gas price)
The answer is it depends. Let A be a regular transaction and B be the one that consumes gas limit. Suppose they are both send with a higher than average gas price, then the miner might find it lucrative to add B alone in his block. Reason being that it is usually not possible to achieve block gas limit as a sum of all gas consumption of smaller transactions. Also, te entire transaction fees for that block will be measured in the higher than average gas price provided.
On the other hand if both A and B have lower than average or average gas prices, then the miner by including B will be stuck with the Gas price B has sent for all the gas in that block. He might choose to add some other transactions with higher gas prices and then might add A to fill up the block gas limit.