That button should create for them a fully logged SSH connection to the VM, and the data owner should be notified that SRE has connected. The data owner should then be able to see the commands executed via the SSH connection, and also request an explanation of what the SRE was doing.
The vast majority of instances are going to be things like "your instance hit a SIGSEGV, we logged in to grab the crash dump" or "your instance had a much higher than usage than all other users. We logged in to run tools to find where is was going".