For ほう (方), jisho.org simply mentions "indicates one side of a comparison". You'll also see it used in 一方 (いっぽう), meaning "on the one hand" or "on the other hand" (i.e. when switching to a different but related topic).
When written in kanji, not to be confused with かた (方), a polite version of 人.
...より is indeed "more so than ...".
大阪より涼しい - cooler than Oosaka
光速より速い - faster than the speed of light
より快適 - more comfortable (than before)