I find this passage very nuanced but very revealing at the same time. Ramdass seems to suggest that we need to study the both the content of thought and its mechanics, but we need to be skillful about which to do when. I am still wrestling with this in my own meditation practice and I do find that "extricating awareness from though", as Ramdass puts it, is key to understanding. For the most part, focusing on content keeps you in an endless web of thoughts, without resolution. For example, if one finds that a set of thoughts are creating fear response in oneself, it is because there is awareness that these thoughts are creating fear. For me, this is the mechanics of thought. If one goes about solving the "problem", that is focusing on the content.
It's also interesting that Ramdass suggests that focusing on the breath helps in extricating awareness from thought, but is still a thought.