I'm afraid not! This isn't a complete sentence.

I needed to read this a few times! Your interpretation of the phrase is correct except you need to improve the grammar a little and say : "according to the several senses in which he thinks of the word" Other examples: "I need to teach students in different ways, according to what I perceive their language difficulties to be" "I like to choose a holiday destination, according to what I think are the most important reasons for taking a break at that time." I wish I could analyse these sentences in order to explain how to use them better! I am not a teacher. But I am happy that what I have written makes grammatical sense and reads well to an native speaker. I don't know if it's helpful to isolate the words "what I think are" in order to understand how to use this kind of expression better. But I can't take you further, I'm afraid. Good question. Michael