Restrict Change Set Delivery to Components in Stream

 I believe the intended semantics is that this is "OR"ed with the role-based selections.   So if you check "Owner", then either the Owner of the component, or anyone with the selected roles, can modify the component (or stated otherwise, if Owner is checked, then the Owner can modify the component, even if that owner does not have any of the specified roles).

I would suggest you open a defect if you feel the behavior is not what you would expect... that way we can have the discussion in the work item with the SCM team (and discuss potential solutions, such as if disabling the OK if enough information has not been provided in that dialog). The intended purpose of this precondition though is to actually select some desired roles, with the intent that only users with those roles should be able to deliver.