Okta is a Single Sign-On tool that allows you to log in once and have access without having to log in again for a preset period of time—usually eight hours to any Okta-protected service that you're eligible to use.
Once logged in with your CNetID and password, you have access to all other Okta-protected sites which you are authorized to use without having to log in again (hence the term "single sign-on"). For example, if you logged in to the Directory (directory.uchicago.edu) and then went to the University's student and staff self-service portal (My UChicago), you would not be required to log in again. Some Okta-protected sites require that you authenticate (i.e., verify yourself) to the service again even if you have already authenticated to another SSO-enabled site. Workday and cVPN, for example, both require you to re-authenticate.
Not all services at the University use Okta authentication. Your access to some Okta-protected sites does not imply that you have access to all Okta-protected sites. Your access to an application or site will depend upon your role in the University and which services you've been authorized to use.
Okta not only makes it easier to access your services, but it also provides better security for you because you are not resending your password multiple times for access to many different systems.