Got it! I was thinking that the golden rule "If you don't own the private keys to your coins, you don't own them." applies to all wallets.
It still does... it's just that wallets that use "seed words" derive all their private keys from those seed words... so as long as you (and ONLY you) have the "seed words"... you still control the private keys

Yes, the Seed (your 24 words) can generate all the private keys you need. All the private keys from your ledger wallet are derived from that 24 words.
For educational purposes only, go to the website iancoleman.io/bip39
Insert any seed, this one will do it "word word word word word word word word word word word word" (never insert your seed, ofc, as you can lose your funds when you write them in a computer)
Scroll down and you will see many Public Address and their respective private keys. This is what your seed generated from ledger can do.