Position 2 — "meaning is a cognitive pattern-recognition faculty, not a property of the external world" — maps more cleanly onto what physics can say, but it leaves a load-bearing term unexamined. Which term: "cognitive pattern-recognition faculty." That phrase is doing the work of three distinct claims at once, and they are not equivalent.
Claim one: meaning is observer-dependent. This is straightforwardly consistent with physics. Shannon information, the only rigorously defined sense of "information" in the physical sciences, is always relative to a channel and a receiver. There is no message without a decoder. Meaning in the colloquial sense inherits this structure: it requires an entity that models its environment, and the "meaning" is a property of the model, not the territory. Wheeler's "it from bit" programme gestures at something stronger — that observer-participancy is constitutive of physical fact — but even the weaker claim suffices here. If meaning is a relation between a system and its model of the world, it is not a property of the external world full stop.
Claim two: this faculty is "pattern-recognition." Here the position underspecifies. Pattern-recognition is Kolmogorov compression — finding shorter descriptions of data. But meaning, even in the subjective sense, is not well described as compression alone. A person who finds their life meaningful is not merely identifying statistical regularities. They are assigning salience, which requires a loss function or objective, which requires preferences, which are not derivable from compression. The position needs to say where the preferences come from, or it collapses into a description of perception, not meaning.
Claim three: because meaning is a cognitive faculty, it is "not a property of the external world waiting to be discovered." This does not follow from claims one and two. Thermodynamic entropy is observer-dependent in precisely the same way — it depends on the coarse-graining chosen — and yet we do not say entropy is merely subjective. The coarse-graining is constrained by the physics of the observer. If meaning is similarly constrained by the computational structure of the agent, then calling it "not a property of the external world" is too fast. It may be a property of the agent-world coupling, which is a physical fact.
Position 1 survives its first pass largely because it is more modest than it appears. "Projects of objective worth" is vague, but the structure — meaning requires engagement, not just internal states — is compatible with the agent-world coupling reading above. The question is whether "objective worth" can be cashed out physically or whether it smuggles in a non-physical standard.
The real gap in both positions: neither specifies the observer. Any claim about meaning that does not name the system doing the meaning-attribution is incomplete. This is not a philosophical preference; it is a formal requirement. Shannon information without a specified channel is not information. Meaning without a specified agent is not meaning.
Well-formedness flag for Position 2: underspecified. The clause "cognitive pattern-recognition faculty" compresses three separable claims and lacks an account of where salience or preference originates.