I mean, yes, that's what it's doing. But a permission system that allowed it to say "Rewrite URL references for a, img, style, video, etc. tags, modifying the protocol, except where you also need to modify other things like s|^http://(\w{2})\.wikipedia\.org/wiki|https://secure.wikimedia... would essentially be presenting me with the source code for HTTPS Everywhere to approve.
And I certainly don't want it prompting on each website, which would be the natural way to implement a permission dialog system. Remember in the late '90s when web browsers would ask you for every cookie, or prompt you when going from HTTP to HTTPS?
Meanwhile, if a remote-code-execution bug is ever found in HTTPS Everywhere, it will have access to literally everything I do on the web. So it's not clear the permission system is really helping anything.
Another browser extension might want to automatically save images I come across to a directory. That one would prompt for access to my Documents folder. It wouldn’t request URL rewrite privileges, or camera, etc.
EDIT: So to answer your question, what is “something”? In this case, that would be: “HTTPS Everywhere wants to be able to edit the web addresses you visit”. Or something like that.
It can't just be the web addresses you visit, since it needs to change embedded tags inside the page to request https urls.
For example, the first time I use Chrome to visit a website, it would trigger a dialog requesting permission to “Connect to websites” (i.e. initiate outbound TCP connections toward ports 80 and 443).
The first time I tried to use WebRTC, the dialog would appear for that.