Broadly speaking it means that the permission to navigate upon the water is already given and that the navigation authority does not have the power to allow or disallow navigation.
The PRN on canals was extinguished by an act of parliament. Someone will know. I think it was the 1968 Transport Act.
So on canals one does need a licence however on rivers with PRN status it is a registration. The navigation authority may be authorised by statute to require that you register and pay to use your vessel but they are not in a position to give permission because it has already been given by the PRN.
It has already been accepted in Moore v BWB that the river Brent between Thames lock and the gauging locks is a PRN waterway.
https://vlex.co.uk/vid/moore-v-british-waterways-793707865
"The claimant had care of 4 vessels which were moored for several years on a stretch of the GUC. They were moored alongside riparian land, which, for the purposes of this action, BWB accepts is in the possession or occupation of the claimant. Unlike the rest of the GUC, that particular part of the canal has a tidal element and is subject to a public right of navigation."