1 Week Gone By Since Final Round - Head Count Approval Process? What Is Happening Behind The Scenes?

Hi everyone - I am currently extremely nervous.
I had a 'Final Round' last week or so and I have yet to receive a response. To provide some context, I did not have a classic 'Superday' or 'OCR' structure and so I am not sure whether the saying of "hearing back in 1 or 2 days" applies here - it might, but I am not 100% sure. With that being said I haven't got any rejection e-mail or anything either. Throughout the process, they were extremely receptive and moved on with the rounds pretty quickly. I waited about a week since the 'Final Round' before sending an e-mail out and almost immediately, like 3 mins after (luckily they're not radio silencing me) I got a note that said that there is no updates to my status at this point...what does that mean, exactly?

I have heard people noting that there could be 'approval processes' going on to being waitlisted but I am not clear as to what goes behind the scene? I mean I had a great connection with them and I am just really impatient and a nervous wreck. This opportunity could mean the world to me.

This is a summer opportunity granted, so I am just trying to piece the puzzles here whether they have made their list and sent it to get approval by HR and is the reason why things are taking longer than anticipated or whether its because their waiting out based on other offers they have made and as such have me on a waitlist... Can anyone who has experience not with 'Superday' or 'OCR' structure comment on what might be happening here to wait over a week with no rejections and perhaps understand 'Headcount approval processes'?

Thanks!