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ELI5: How British royal titles work (lords, ladies, princes, dames, barons, etc)

Who gets the titles?  How can someone today earn a knighthood or a title (like actors, musicians, etc)?  Do they come with any special privileges or perks in this day and age?  What the heck are barons and counts and dukes?  What is the hierarchy of ranks in relation to each other?
gpt
Knighthoods (or Damehoods for women) are conferred upon individuals by the Queen. Individuals are nominated for this by a committee sitting within government, and any member of the public can write to the committee to suggest specific individuals. Typically, you would have to have done something notable with your life that brings credit to the country, to gain a knighthood. So while a typical sportsman or actor wouldn't be knighted, one who has been at the top of his or her profession for many years and is globally renowned might be. Equally, very-long-serving civil servants and those in similar professions might be rewarded with a knighthood. There are no perks (financial or otherwise) that come with the knighthood, other than the right to call yourself Sir or Dame.

Other lordly titles are a bit different. Traditionally titles were given out by the monarch to individuals who had greatly pleased them -- perhaps a general who won a major battle. This would be a hereditary title, meaning it could be passed down to your children, and came with the privilege of being able to sit in the upper chamber of Parliament (the House of Lords) and therefore make laws.

Nowadays hereditary titles like that are largely meaningless. Few hereditary lords get to sit in Parliament any more, so again it's largely a symbolic thing -- just because you're the "5th Earl of Somewhereshire" doesn't give you any special privileges.

Much more common these days are the "life Peerages". This is a lordship that can be given to someone but which cannot be passed down to their children. Life peers do still have the right to sit in the House of Lords and vote on legislation. It's a common reward for retiring politicians, and for other people who have contributed significantly to politics. A good example might be Doreen Lawrence, who was made a life peer when she was given the title of Baroness Lawrence, due to her decades of work campaigning against racism following the murder of her son by racist attackers in the 1990s.