What the minus sign does
When the body is to the right of equilibrium (\(x\) positive) its acceleration is to the left (negative), whichever way it happens to be moving. If it is moving outwards, it slows. If it is moving back, it speeds up. Either way it is being pulled towards the center, and that is what keeps it oscillating instead of leaving.
Where it accelerates most
At the two ends, where \(x\) is largest, the acceleration is largest, although the body is momentarily at rest there. At the center, where it is moving fastest, the acceleration is zero. Speed and acceleration are greatest at different places.
Why the constant is written as a square
Whatever the constant is, it must be positive for the motion to be an oscillation. Writing it as \(\omega^{2}\) guarantees that, and \(\omega\) turns out to be the angular frequency: a larger constant means a stronger pull back and a quicker oscillation.