Here is the answer, right from Microsoft employee Faith Moraa Ombongi:
https://github.com/microsoftgraph/microsoft-graph-docs/issues/19833
No, group ownership and membership are separate concepts.
- You must explicitly add a group member either through dynamic rules or explicit addition.
- A group owner can manage the settings of the group, ownership, + its membership (as per the screenshot you shared).
- Group membership doesn't imply automatic privileges to manage the group settings and membership.
- When calling the Create group API in delegated scenarios to create a Microsoft 365 group, an owner (the signed-in user) is automatically assigned to the Microsoft 365 group.
- In all other scenarios (create security group in delegated scenarios or create any group in app-only scenarios), a group owner isn't automatically assigned and must be explicitly assigned.