Spot on. Even if a compound binds to a specific receptor, it doesn't mean that it activates the receptor to its whole extent. Few do so, but if it would it would be called a full agonist. The substance may activate one or more certain parts of a specific subtype of a specific receptor (as in the example of 5HT-2A, serotonin receptor subtype 2A), while another similar substance may activate other parts. These are called partial agonists.
Many believe psychedelics act by modulating the effects of the receptors rather than just activating them. Such substances are called modulators, but this label is rarely used in psychedelic theory, as we simply have no idea how they modulate or if that is actually what they do. They may be just partial to full agonists, activating certain pathways we rarely or never use in daily-life.
Other substances bind to the receptor without activating or modulating them at all, these are called antagonists. As any other substance is unable to bind to a receptor that has an antagonist bound to it, these substances do show some effect, but rather the opposite of agonists. This is why certain 5HT antagonists may be used to diminsh the effects of 5HT agonists, that is, psychedelics.