Iconography Documentation doesn't make sense.

[futuremotiondev]

https://denali.design/design/principles/iconography

Grid Dimensions: The icon grid is 48 by 48 pixels wide and is comprised of a 46 by 46 pixel live area surrounded by a 2 pixel border of padding on each side.

If the icon grid has a 2px border of padding around the entire canvas, the live area would be 44x44px. See this image:

What am I missing here?

Any help appreciated.