It all depends on the contract that is being signed between the creator and the studio.
There are plenty of examples where the creator is either involved in every step of production or is staying out of production, and the results can be either good or bad.
According to Google:
(also known as artistic license): Deviation from fact or form for artistic purposes. It can include alteration of the conventions of grammar or language, or the rewording of pre-existing text.
Example: 1996's Romeo + Juliet keeps the original Shakespearean dialogue but changes the setting to modern day.
: the authority to decide how the final product will appear. In movies, this commonly refers to the authority to decide on the final cut. When a director does not have artistic control, the studio that is producing the project commonly has the final say on production.
Example: Disney studio chairman Jeffrey Katzenberg had creative control over 1985's The Black Cauldron and cut several scenes from the film. Directors Ted Berman and Richard Rich, as well as author Lloyd Alexander had no final say.
: the power to do something without boundaries for yourself. Which means no need to please both the studio (who would have some say as they are financing the project) and the target audience.
Example: Dave Sim created the comic Cerebus the Aardvark, which he used to express his personal beliefs, regardless of how people feel about it.