The most common translation of Pantocrator is “Almighty” or “All-powerful.” In this understanding, Pantokrator is a compound word formed from the Greek words for “all” and the noun “strength” (κρατος). This is often understood in terms of potential power; i.e., able to do anything, or omnipotentent.
Another, less literal translation is “Ruler of All” or “Sustainer of the World.” In this understanding, Pantokrator is a compound word formed from the Greek for “all” and the verb meaning “To accomplish something” or “to sustain something” (κρατεω). This translation speaks more to God’s actual power; i.e., God does everything (as opposed to God can do everything).
…Pantokrator is roughly synonymous with the western concept of omnipotence. But omnipotence is power in stasis while the power of the Pantokrator is dynamic.
As with most things of a spiritual matter, it is not either/or but rather and/both, but I am partial to “Sustainer of All”. Hence, all is gift.