This is interpreted both ways. The “original” Cult of Yahweh view saw the god Yahweh as El, the head god of the Canaanite pantheon. Later, after the Cult of Yahweh became old Judaism, the comandment was reinterpreted as Yahweh being the only god jews should worship, and then later as the only God, since any other divine being worshipped by others would not be God.