meaning - Usage of "more than" before a verb

It's simply used as an intensifier to indicate that more was done than just the bare action.

Her intelligence compensates for her lack of experience.

This means that her intelligence makes her equivalent to someone who has adequate experience.

Her intelligence more than compensates for her lack of experience.

This means that her intelligence makes her better than someone who has adequate experience.

A separate example:

He cleared the high jump bar with his leap.

This means that he exceeded the height of the bar

He more than cleared the high jump bar with his leap.

This means that he jumped higher than just the height of the bar, probably by a large margin.

Update

Yes, that would be a correct interpretation of the sentence.