Physical backup is a backup made with RMAN or copying datafiles on the OS. A logical backup is a term used for data dumps using tools like datapump, export. Technically a logical backup is no a backup because you can not do a point in time recovery.
A physical backup contains logical data (for example, tables or stored procedures) so in that sense it does.
http://docs.oracle.com/cd/B19306_01/backup.102/b14192/intro001.htm