SQL: What does it mean to own a schema?

Schema is like a workspace for login within db. Based on which all logins are given access to schema and on what level, the corresponding users would be able to perform various activities within schema like creating objects (tables/procedures/views etc), populate data, fetch data etc.

From an object perspective, schema can also be viewed as a logical grouping of objects which makes it easier to map them to various users based on access levels. i.e instead of providing access to individual objects, it requires less management effort to group them into schema and then map users to the schema with required level of access