Has the invited member access to my Google Drive or his Google Drive or both?

By inviting a member to a team, I believe he/she only has access to the apps in that team. They can still add/edit the info of each sheet connected to those apps, but not direct access to Sheet until you allow it.

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Can they create a new app?

Yes, they can

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Crystal clear! Understand now that they only have access to their own Google Drive.