I would have agreed with that reading of the text being possible were it not for the towering stacks of jade green tokens, and the fact that Mathilde thinks of it as Igniting a bonfire. It's that imagery of a sudden burst of increased power that makes me sure it's about quanity and not merely proximity as we've been close to him before.
We've been really much more devout than most in the Empire could claim, yes, but not enough that I'd call us unique; most Priests with his Lore were probably around the same ballpark (that's actually a fairly ridiculous level of devotion, but it sounds like a lot of people because we're talking about a good chunk of civilization).
If his presence increased because he ballooned in power, and not because our relationship grew deeper, then that would imply that everybody else at that level of devotion also felt the difference. All of them, across the empire. Marienburg (whichever City worshipped him openly, anyway) at least would be pretty riled up at the occurrence, in a good way.
I don't think that that happened. However, there's no point in arguing about it; we can just ask our friend back in Stirland if he noticed the difference in a few weeks, and drop it until then.
I'm pretty sure the Empire's definition of venerated soul requires that you're dead, just like the Catholic Church's definition of a Saint.
As for increased favour from Ranald, that's probably the Coin.
I think Ranald works slightly differently than the favor system, but can be described in those terms.
You'll notice that our actual reputation with each faction does not go down after spending favors, and won't unless we wrong them somehow; getting the belt didn't remove our dwarf friend status, and such.
I imagine that Ranald despises leaving unpaid favors, and works to pay them back in turn as fast as he can (good karma doesn't require you to do anything to cash it in, it just comes to you, and he's a god of Fortune), but our actual relationship levels with him only grow, as long as we don't make him unhappy.
This encourages us to continue doing things that he enjoys, so that we can enjoy his personal positive attention (such as maintaining the shrine for the bonus), while not causing him to forget who's been really good to him. A positive relationship between friends, but one focused on the next big venture we're going to be doing together, rather than sitting back and being congratulated over the past.
That is, it's favor in that he favors us, not that he owes us a single instance of favor.