That is a CGI that is owned by root, but it is not setuid root, so it is not granted the privileges of root when run. (If it were, it would have "rws" in the first position.) CGIs that are owned by root generally run under the user ID of the webserver process. It is still world-writable, which is still bad, because it means anyone on the local host who can access that file at all and who can cause a request to be made to that CGI can cause the webserver to run arbitrary code.