Basically it means that university-provided benefits must be distributed equally between men and women based on the percentage of the overall student population.
Hence if you have a 53% female student population, female athletes must get 53% of the benefits. The bulk of benefits are scholarships, and as others have pointed out, its why UGA has an equestrian team (with a ton of scholarships, BTW), and why there is no men's soccer team or gymnastics team. It's also why there are more softball scholarships than baseball scholarships.
It's also why there is a CCC, which is technically not a university-provided benefit. As the line between NIL and pay-for-play becomes more blurred, Title IX potentially becomes more of an issue.
Also Title IX covers a lot more issues in education, that have nothing to do with sports, such as how educational institutions deal with sexual harassment, etc.