What Does it Mean that God is Sovereign?

I believe this can be summed up in one of my favorite passages of Scripture that I meditate upon often:

34b for his dominion is an everlasting dominion,
and his kingdom endures from generation to generation;
35 all the inhabitants of the earth are accounted as nothing,
and he does according to his will among the host of heaven
and among the inhabitants of the earth;
and none can stay his hand
or say to him, “What have you done?”