Hmm, that description seems a little strange to tell you the truth.
If you right-click on an HTML file, you will see an option to "Mark %s as cover page" -- this will mark a page as the embedded HTML cover. It usually contains nothing but an image file, which is marked as the cover image.
Both of these help ereaders display a cover. The cover image is used when extracting metadata, and the cover page is often given special powers by the ereader. For instance, it can be rendered in the Metadata ToC, and sometimes is the location that should be first opened to.
The semantic value "titlepage" is nothing special, any more than the "colophon" page. You can mark the first page, after the cover image, as the Title Page, if you like. Few if any ereaders will care.
It is the equivalent the page in a paper book that lists the title, author, and publisher. It usually comes right after the obligatory meaningless reviews, and the Also By This Author page.
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