Hi Team! 
If user has Edit (Owned all) privileges, does it mean that its also able to delete contact/company?
Hi there!
As you say, with the permission of editing you would be able to delete a contact or a company. What you can block is mass elimination.
In fact, in setting says:
CRM Settings Access
The permissions below apply to contacts, companies, deals, and tickets.
In this article you can find out more about that.
I hope I helped you!
HubSpot recently introduced a new set of permissions specifically for this. Admins can now create delete permissions by record type and user, separately from edit permissions (see the “Delete” column).
Let me know if you have any questions about this! If you find this post useful, you can help the community (and make my day) by marking this post as a solution.
Cheers!