The braiding of your bog standard S/Y you could pick up at your local wholesalers is a screen not an earth, it is no to be used as an earth but should be earthed itself (low voltage applications), S/Y is a type of cable design and strictly speaking saying it cannot be used as an earth is incorrect, it comes down to how it has been design and manufactured, there are S/Y's that are suitable for the braiding to act as the earth, however, these are not the S/Y's we can pick up in any wholesaler.
S/Y, C,Y and Y/Y are how a cable construct is arranged and many manufacturers out there have their own specific versions with their own individual design and environmental tolerances.