With the owner role, you gain full control of the Azure resource. For instance, it can delete the IoT Hub.
What you're trying to do is manipulate the data in the IoT Hub. For that, the SP needs access to the data plane. Try assigning one of these:
- IoT Hub Data Contributor Allows full access to IoT Hub data plane operations.
- IoT Hub Registry Contributor Allows full access to the IoT Hub device registry.
- IoT Hub Twin Contributor Allows read and write access to all IoT Hub devices and module twins.
Here is a list of all the data plane roles.