For example, if a team is priced at 1.90, does that really mean they have a 52.6% chance of winning? Or is it more about the book trying to spread money evenly so they lock in a profit no matter the result?
It is generally believed that when a team is priced lower in terms of odds, they have a better chance of winning the game. While this is not entirely true, as we do see bigger odds winning smaller odds sometimes. But ordinarily the smaller the odds of a team, the higher their chances in winning that particular game. Also the more people are favouring a particular team to win, the bookie will be adjusting the odds so they don't have to pay much money should the team eventually wins that's why they keep adjusting the odds
You are right mate and I also think that while people are favouring a winning team, the bookie doesn't want more bettors to keep staking on the game because the team is definitely going to win the match, they will reduce the odds until is at 1 and sometimes too based on my observation on live match, there's how some odds will reduce to 1.5 or lower, then the bookie will automatically lock the game, you can not bet on it again and if they want to reopen it, it will be with a different market option and odds size.