This procedure is used on deeper levels. Because of Kentico architecture, parts of code (or rather properties, class definitions and other programables) are stored in the database. This procedure is used to retrieve class information to be able to set up the class info with correct configuration in code behind. Class schema is stored in XML format and parsed by abstract providers.
Anyway this procedure needs to run and I would say, that your database or application permissions need to be checked(it could be just one procedure though). Minimal permissions should be per: