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Usually it means that you control the private keys that the funds are locked at. So yeah. It’s “in your wallet” and if ledger goes out of business you could still access those funds.
The problem is that they aren’t the standard asset. They’re going to be a staked variation of it, which has a price that is pegged to the actual asset through arbitrage.
For example if you stake your eth non-custodial through ledger you get stEth.. which has pretty much the same price as eth, but that’s not guaranteed because the prices are kept in sync by people buying and selling when it gets out of sync (arbitrage). As we saw with Luna, this doesn’t always work.