I’m also inclined to think it is the first definition here, that is to say, the one that means the same thing as でも, as I was told this でももっと is not unlike しかしながら ( which I had never heard of prior, but according to a Japanese person it exists).
So! If it does indeed mean “but” as でも does, then why put both? 「でも」か「もっとも」だけに比べて、含みはどう違いますか?
If you’re asking for interpretations of a sentence that starts “but” it would be helpful to give context so we know what he’s saying “but” about…
Anyway, I read that as sense 2, ie “But that’s understandable/reasonable/rational” – the next dialogue balloon then gives the reason why it’s understandable.