The terminology in the Zone System is critical in helping to wade through the complexities.
The word ZONE refers only to camera exposure.
EXPOSURE ZONES I, II, III, IV, ..... , VIII, IX, X, and beyond, go up in 1 stop increments, exactly.
A given film with a given development, after receiving those Zone exposures will exhibit
NEGATIVE DENSITIES I, II, III, IV, .... , VIII, IX, X, and so on.
The actual densities and the relationship between them depends on the type of film and how it is exposed and developed.
When those negative densities are printed on photographic paper the result is a series of
PRINT VALUES I, II, III, IV, .... , VIII, IX, X, and so on. This series of print values can run from black, through a series of greys, to white, or be all black, all greys, or all white. This depends on the negative densities, the type of photographic paper and how it is exposed and developed.
In common practice a middling exposure, ZONE V, is often (but doesn't have to be) the reciprocal of the film ISO value multiplied by 10 and is expressed in the units of lux.seconds. For example a middling exposure on a 400 ISO film is 0.025 lux.seconds.
Given a middling exposure, a conventional film, and standard development a ZONE V exposure usually delivers a NEGATIVE DENSITY V corresponding to an optical density of 0.6 or thereabouts.
Typically, but not always, NEGATIVE DENSITY V is printed out on photographic paper to yield
PRINT VALUE V a middle grey tone which is, according to surveys of print viewers, about 18% reflectance.
All the other EXPOSURE ZONES, not just ZONE V, have their corresponding NEGATIVE DENSITIES, and PRINT VALUES.
Many, but not all, Zone System users seek a full scale print where:
PRINT VALUE II is just lighter than black
PRINT VALUE V is a middle grey and
PRINT VALUE VIII is just darker than white.
All this is achieved by controlled film exposure, controlled development, and controlled printing.
Learning how to do all this reliably and repeatably so that the final print is the print you visualised in the beginning is what the Zone System offers.