There are many possibilities.
1. Member X is standard level. Via "account", if you make "Make Operator" for member X, you simply give member X access to studio without more.
Then, if you give X member "Admin" level, then he is a second admin with the same rights as you. So there are two equal administrators.
2. Member X is standard, you change only his level for "Administrator", member X to then the same right as you, but can not access "studio".
3. Member X is standard. You only change his level to "Moderator", then does not have access to Studio, and you can set the permissions for "Moderator" via "permissions" for that level.
All sorts of combinations are possible, that I find very well done.