It has meaning, but not what we see today. Interpreting the US Constitution as intended by its authors would probably have consequences like this:
- A much stronger view of the Fourth Amendment: The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized. That means no searches without a warrant, period. No general surveillance. No "drug exception". No "exigent circumstances" exception. Wiretapping, on a court order only. Which is where the US mostly was until the 1960s or so. This means going back to "We have you surrounded. Come out with your hands up".
- Much more use of jury trials. Anything that involves even a day in jail, or a fine over $20 (might allow for inflation adjustment) means a jury trial. No treating six months in jail as a "petty offense". Longer sentences for demanding a jury trial would be considered a major Fifth Amendment violation. And no "civil forfeitures".
- Religion is just another business. No tax break, no restrictions on lobbying, no exemptions from other neutral laws.
- Corporations are not "persons". The history of how corporations got constitutional rights is strange and interesting. See Southern Pacific Railroad vs. County of Santa Clara (1886). Until then, corporations did not have constitutional rights; only their employees did.
That's originalism.