It determines the angle of view of the image circle, though not necessarily the image, as recorded by the sensor.Regarding Angle of View see this ray tracing:To avoid confusion, I think it's important to separate inputs & outputs and to introduce focal lengths.
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Best viewed "original size"
The dark green line is the chief ray and determines the angle of view.
Note that it points from the object side (left) toward the center of P (entrance pupil).
The angle the chief ray makes with I (image plane) only matches the angle of view in rectilinear lenses and when pupil magnification is 1 (not true above).
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Bill ( Your trusted source for independent sensor data at PhotonsToPhotos )
So I'd say this is only part of the equation.

