Correct. Ownership is an ambiguous concept, when you “own” something, it comes with terms of what that “ownership” entails. An NFT is an entry in a ledger that says who owns that entry - it’s a _proof of ownership_, not _ownership itself_. Whether that includes copyright ownership of the artwork, right to modify or distribute, etc, it’s all contractual aspects that are external to the ledger/entry.

Smart Contract maximalists may argue it should all be code - and maybe we’ll see more and more becoming code, including TOS, DRM, etc. Maybe one day there’ll be a way to fully model and enforce ownership of a digital object, but I’m not holding my breath for that.