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The final configuration you can make is in the Participants tab. Here you can identify individuals or groups that can manage collections of this type. And which users can create collections of this type.
Managers of a collection type are given edit access to all collections of that type. For User Collections, you will likely set the manager to be the admin group. If you have a type Library Exhibits, you might want to have one or two library staff users who can manage these collections. This can reduce the burden on the IT staff to handle basic management of collections.
Creators will have edit access to collections they create, but otherwise have no special permissions to other collections of this type. Again you can set up creators to match the needs of a particular collection type. For User Collections, all registered users can create these. But for the Library Exhibits example, there may be a group of librarians who can create these.
It is important to note that access related to participants is granted at the time the collection is created. If you later remove an individual and add another one, this will impact future creations when they are created, but will not change permissions on existing collections. It is recommended that you grant participant permissions to a group instead of an individual. For example, you can create a group 'library exhibit managers'. Then if a person changes jobs or responsibilities, it is a matter of adding and removing them from the group. They will get appropriate edit access to the collections as a collection type manager through their group affiliation.