Giving someone “Can Edit” access allows the person to see and edit the asset and its contents.
Here are some more details for specific assets:
Catalogs
Edit Members of a catalog are allowed to:
Update the catalog
Delete the catalog
Leave the catalog at the point of sharing (to not affect the owners catalog)
Remove assets (songs, files, recordings, etc) from the catalog
Add assets (songs, files, recordings, etc) to the catalog
Songs
Edit Members of a song are allowed to:
Update the song (title, lyrics, recordings, tags, genres, etc.)
Delete the song
Edit the publishing information for the song