It's limited in that it only applies thought that you understand (human thought).
While this is a bit artsy and dodgy, there are countless entities in the astral that often only barely notice metahumanity, if at all. They impress their thoughts upon the space around them. And they do not conform to any pattern metahumanity is(currently) familiar with. They do so in ways humans do not understand.
And, yes, thought does have an impact upon the metaplanes. Again, it isn't just metahuman thought, although that is the kind we are most familiar with. That symbolism that works in 2074 is not the same symbolism that existed in the 4th world. Some of it is similar, yes, but most of it is not. Metahuman thoughts, habits, and patterns (or expectations, that might be more accurate) are impressed upon astral space. Repeated actions wear the energy into a pattern that can be discerned by those with the appropriate abilities. What happened previously is different that what happens now (in the 6th world). It is similar, but not quite the same, because metahumanity's thoughts or patterns of behavior are different. (One could say beliefs, but as I have stated earlier, that is indirect.)
I could go on some more, but I have to get up at 430 am. We can discuss more later, if you like.