Yes it does. The term, in origin, is not a topic that discrimination applies too. It merely means that in our civilisation lawful sexual intercourse is viewed to be legal through an agreement in between the husband and wife, provided it meets our sexual morales (you can't marry many relatives). Thus, he owns the legal rights for his sexual intercourse to be considered lawful. Unlike in other civilisations, for example the Mazdakian, where women were property of the state in a communist regime. Allowing legal sexual relations on a temporary basis when state condition were met. Where a man could be having legal sexual intercourse with both a mother and daughter for a few weeks. Part of the motive was that it was seen unfair that regular citizens didn't have access to the king's harems to do as they desire. Obviously, this was extremely discriminatory against women and viewed them all as only sexual objects. This is one of the greatest achievements of Abrahamic religion that such doctrines are long ago abolished.

To stress that this was the type of ownership implied. Never has it been legal right for a husband to allow a third party to have sexual intercourse with his wife, at the third party's pleasure. Despite this being the simplistic understanding of the term "his wife" may imply this.

If you want to understand terms in it's simplistic understanding, then I think you better worry about terms like sunrise/sunset.