। ।
In plain words
Carve wood into an elephant and the wood goes out of sight; look at the wood again and the elephant goes out of sight in it. So it is here: while the world is seen, the Supreme Self is hidden — and in the Supreme Self, the world disappears.
Close to the Sanskrit
In the elephant that is a modification of wood, the wood becomes hidden; and that one too [becomes hidden] in that very [wood]. So too, in the world the Supreme Self [becomes hidden], and in the Supreme Self the world conceals itself.