Right - the column lists the number of times a thread has been opened by members.
However, if by "how the 'Views' column worked" you mean what does the title link do, it sorts the current page by view count in descending order, i.e., highest number of views first, followed by the next highest, etc. You can change to ascending sort by clicking on the little arrow thingy next to the title. It's not a very useful function, but it's available if needed. (Note - all stickies are sorted also but they remain at the top.)
That type of function is available for most of the thread index page columns. The default is to sort by Last Post in descending order.