Yes me too! I have been casually learning Dutch for almost a year and only recently learned this phrase!
Although I am still a bit confused between "beteken" and "bedoel". I think "bedoel" is used more in conversation "Wat ik bedoel is.../What I mean is...", but if anyone knows and can provide more clarity that would be nice!
You are correct. Bedoelen is used when someone has an intent to do or say something. Wat bedoel je? Ik bedoel... Je begrijpt wat ik bedoel/you understand my intent.
Betekenen is more general. What does this mean?/Wat betekent dit?. It is mostly used to refer to inanimate objects where there is no intent. What does the text mean? What does this sign mean? It means.../het betekent...
However: Does that mean that you are not coming?/Betekent dat dat je niet komt?