It is good to see that whatever is behind this capability correctly handles items that are shared to Shared Update groups.
The regular "Change Ownership" functionality in My Content and Item Details throws an unexpected error when you try to change ownership of an item(s) that is shared to a Shared Update group, even when you are attempting to do it as an Administrative user. And, unfortunately, that bug does not seem to be fixed in the June 2020 release when I tested it on the Early Adopter site 😞