The modern macOS uses a drive format - APFS - vs the older pre-High Sierra OS which used HFS+ (Mac OS Extended) as the format. HFS+ and earlier formats used disk partitions to divide the space on the drive into chunks that could be named and referred to as volumes.
APFS sets up a drive device (media) with an APFS container (partition) that manages the drive space. Within the container there will be the APFS volumes that you will see and interact with in Finder and on the desktop for file storage. Role of Apple File System - Apple Support
The Disk Utility application will display two particular volumes that are required and will be found on any modern macOS installation:
• ”Macintosh HD” is a protected, read-only APFS volume for macOS system files. There’s nothing you can do with it short of erasing the drive and all the data on it.
• ”Macintosh HD - Data” is the volume where the user accounts and your user data live. Files and folders on this drive may be freely managed by the user accounts that own them. Together, these volumes comprise a volume group.
Finder always displays this volume group as a single drive on the desktop named “Macintosh HD”, though the volume that you are actually usually interacting with is in this group is Macintosh HD - Data. Finder never reveals the full name of the -Data volume to you, but Disk Utility will.
You will use Disk Utility to manage the APFS formatting of drives and the creation and deletion of volumes within containers.
Disk Utility User Guide for Mac - Apple Support
Add, delete, or erase APFS volumes in Disk Utility on Mac - Apple Support
When you erase and format a drive device with the APFS format, a container is created that will encompass the entire storage capacity of the device. If the device is 1TB, the container is 1TB.
An APFS volume is also created within the container. This named volume is what will be displayed on the desktop when you connect the drive to your Mac.
Additional containers may be created by partitioning the drive, a non-destructive operation with APFS.
Additional volumes may be added to a container and/or deleted without having to reformat or repartition the drive. These volumes share the whole of the storage capacity of the container and can grow or shrink dynamically as their storage requirements change.
Adding and deleting APFS volumes is faster, simpler and safer than editing a partition map in older formats.
NOTE: Disk Utility may also display a disk image named “Apple disk image Media” along with the volume “Mac OS Base System”. This disk image can be safely ignored. User interaction with this is never required and in fact, in the latest versions of macOS 15 that disk image is no longer displayed in Disk Utility.