eye socket, rim of eye, eyelid
眶 centers on the bony frame surrounding the eye: the eye socket, the rim of the eye, and by extension the eyelid that covers that opening.
眶 combines 目 (eye) with 匡, which likely contributes the sound and the idea of a frame or container, together suggesting the bony frame around the eye.
The eye radical 目 sits beside 匡, which looks like a frame or container. Picture the eye socket as a frame holding the eye, with the eyelid as its cover.
For キョウ, imagine the eye socket as a keyhole-shaped frame: keyhole -> キョウ, and the eye peers through it.