Complex sentence: The film elevated Chaney, already a well-known character actor, to full star status in Hollywood, and also helped set a standard for many later horror films, including Chaney's "The Phantom of the Opera" in 1925.
Split into simpler sentences: The film elevated Chaney, already a well-known character actor, to full star status in Hollywood. It also helped set a standard for many later horror films, including Chaney's "The Phantom of the Opera" in 1925.