Sounds to me like it gives power to corporations to be exempt from regulations.
No.
What it does is instruct Federal Courts to defer to a controlling agencies interpretation of a Law, when reasonable, instead of the Court creating their own interpretation. Chevron Deference is what empowers the EPA to say “The Law didn’t address it but our opinion on this technical matter is that CO2 is a pollutant and we believe that gives us the authority to regulate it.”. A Federal Court will then test the reasonableness of that opinion and say “Yeah, that interpretation sounds reasonable to us.” or “Nah, your interpretation is clearly outside the boundaries of what Congress intended. You need to come up with a better opinion.”
Without Chevron when the EPA shows up in Court and says “The Law didn’t address it but our opinion on this technical matter is that CO2 is a pollutant and we believe that gives us the authority to regulate it.” one Court may agree while 5 more say “The law didn’t directly address this therefore we aren’t going to allow this lawsuit to proceed.” or individual Courts may get farther into the weeds with things like “Well, the law didn’t address it but we feel that under X,Y, & Z circumstances you may have some ability to regulate this.”
The idea behind this was actually a damn good one as it puts the Agency charged with regulating something, who should be EXPERTS in that thing, the ability to decide what should / shouldn’t be happening instead of a Judge who is almost certainly ignorant of that technical specialty.
Ballotpedia has a write up for this that may be easier to understand than the Cornell one you linked to. I’ll quote part of it here.
"Chevron deference, or Chevron doctrine, is an administrative law principle that compels federal courts to defer to a federal agency’s interpretation of an ambiguous or unclear statute that Congress delegated to the agency to administer. "
In most cases most people WANT Chevron to exist because we WANT the specialty agencies, who should be filled with subject matter experts, making decisions related their specialty.
There are a few instances, most spectacularly with the BATFE, where this has gone off the rails, but there’s little question that Chevron is a Net Good.