FROM status_table As st
, Max(StatusUpdated) As LatestStatusUpdated
) As latest
ON latest.OwningEntity = st.OwningEntity
AND latest.LatestStatusUpdated = st.StatusUpdated
Everyone knows the old joke about getting ten economists in a room and getting ten different views of economics. Although that's somewhat of an exaggeration, you could ask ten different developers which approach is preferable, and you'd likely see some votes for the correlated subquery approach because of readability, some votes for the derived table approach on the basis of better potential performance, and no doubt a few votes for still another alternative.
Developers of similar strength and experience can and will disagree on the emphasis of performance (or the promise of performance) versus maintenance and readability. Sometimes there is no one single correct answer. The key is to apply consistency in approaching these types of situations.