Complex sentence: Considering the relative rarity of the award compared with the grades of the Knights Cross of the Iron Cross, it took on "extra meaning" it did not necessarily deserve, as it ranked below the Knights Cross of the Iron Cross.
Split into simpler sentences: Considering the relative rarity of the award compared with the grades of the Knights Cross of the Iron Cross, it took on extra meaning. The scarcity of the award gave it an air of "extra meaning" it did not necessarily deserve, as it ranked below the Knights Cross of the Iron Cross.