It looks like as of version 7, the user is no longer able to edit this setting (Run as Owner vs User). It has moved to Advanced Edit which may be available only to admins.
1 - Does run as "Owner" bypass index access security? Assuming the saved search is readable by a user, that user does not need access to the data to run the search and see results?
2 - Since the saved search is configured to run as "Owner", the Owner's quota will be consumed when the search is run?
The saved search spec describes this setting in:
https://docs.splunk.com/Documentation/Splunk/7.2/Admin/Savedsearchesconf (I believe there is no change for this particular feature since version 6.6)
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