Resolution: Already in the Product
LPS-67760, there is no distinction between the two permissions menu entries or anything to differentiate what those permissions act upon. This can be confusing without a clear distinction.
1) Place a web content display portlet on a page
2) Create Basic Web Content
3) Click the first ellipsis menu in the portlet title
4) Note an entry for "Permissions"
5) Click out of that menu and into the new ellipsis menu for the asset
6) Note another entry for "Permissions"
Make the names of portlet permissions and asset permissions more distinct.