There is no mistaking that this means you know the Word of God internally, and you can remember this Word when the time arises for the need. In this particular verse, it’s talking about avoiding sinfulness.
Have you hid God’s Word in your heart to prevent missing the mark for God in your life? Something we all need to think about and work on daily. Reminder verses, quiet times with God, reading His Word or listening to it on audio, studying His Word, and speaking His Word to others. It all helps to keep you and others on track.