Device Management - enterprise app

I work for a company that requires their employees to download 3rd party apps for selling & misc purposes. These apps require employees to “trust” the apps on our iPhones after download, which then adds the company (app developer) to our General settings, under “Device Management”.

Basically, under Settings - General - Device Management, it shows the company name. When I click the Device Management option, it opens to reveal “Enterprise App” with the company name under that. I’m not the savviest when it comes to technical things, but I’m wondering does this give the company access to my device? What does all this mean in beginner language? Thank you.