The knob locks the mirror and it or its cable release if connected only releases the shutter.
Actually...
The way the RB67 works is that the shutter release on the body releases the cocked mirror, which flips up. The shutter release also causes an actuating lever on the lens to move.
When the mirror up control (not mirror lockup control) on the lens is in normal position, that actuating lever moves the lever in the lens that releases the in-lens shutter.
If however, you switch the mirror up control to engaged, you disconnect the actuating lever from the lever that releases the in-lens shutter. In essence, nothing happens with the shutter release when you push the release on the camera - they are no longer connected to each other, and they remain unconnected until you switch the mirror up control back. In order to actually release the shutter, you need to use the separate cable release you have screwed in to the connection provided as part of the mirror up system.
If you are not careful it is easy to forget to dis-engage the mirror up system and end up wasting the entire rest of the film (or even subsequent films) by trying to take photos without actually releasing the in-lens shutter.
The mirror up control has no effect on the shutter cocking function that also happens when you push the lever on the side of the camera - that connection is not interrupted by engaging he mirror up control.
There really is nothing that cocks the mirror up, other than not pushing the lever on the side of the camera.
All of which leads to the conclusion that the OP's problem probably has nothing to do with anything on the lens.
One thing I would suggest to the OP - check to make sure that there is nothing physical (like a strap) impeding full travel of the camera cocking lever.