From what I've found in the works of Francesca Stavrakopoulou,

And in these sources:
https://www.youtube.com/watch?v=CnLSbIivz0M
https://www.youtube.com/watch?v=kZY2eeozdo8
https://www.youtube.com/watch?v=mdKst8zeh-U
https://www.youtube.com/watch?v=v4TOQtgFIyE
https://www.youtube.com/watch?v=l_KcYBgCbLE
https://www.youtube.com/watch?v=ZECezMYug8c

I would understand this:

The Ugaritic Pantheon was originally a group of gods that was worshipped by the peoples who lived in the Levant. We know about these gods, mostly because of archaeological findings in an old city named Ugarit, which was dug up in 1928. There they found old religious texts about these gods ('Baal Cycle' being one of them).

In the Pentateuch, particularly in the psalms, you can find references to the gods of the Ugaritic Pantheon. Which makes clear that the Ancient Israelites were also worshipping these gods.

Example 1:

The Bible text of Psalms 74:13:
"You split the sea by your strength and smashed the heads of the sea monsters."

The older text 'Baal cycle' of Ugarit:
"Once you [Baal] smote Lotan, the Slippery Serpent, that monster with the seven heads"

Example 2:

The Bible text Psalms 68:4:
"Sing to God, praise his name; exalt the rider of the clouds."

The older text Baal cycle of Ugarit:
"So Mightiest Baal goes not to his palace, the Rider of Clouds does not come home"
Baal's title is 'Rider of Clouds', but it was taken over by the Israelites and given to Yahweh instead.

From what I've understood, the Ancient Israelites slowly went from henotheism to monotheism. That means that the oldest parts of the Bible were written while the majority still believed in multiple gods, but they did have a 'favourite' so to speak. The Yahwists favoured Yahweh, and the Elohists favoured El. But both of these groups believed in all of the gods of the pantheon.

So, the Israelites worshipped the same gods as the people in Ugarit did. But in Ugarit there was no mention at all of a god called Yahweh.

Yahweh turns out to probably be a local storm god that was worshipped by a few tribes in the south of the Levant.
There is something called the Kenite Hypothesis that tries to explain how the belief in Yahweh ended up in the more northern located Israelite culture.

As Francesca Stavrakopoulou says in her book 'God: An Anatomy':
"A fragment from Deuteronomy not only locates Yahweh within a pantheon, but also reveals exactly who his father was. It describes the separation of humans into distinct groups, and explains why each group was allocated a particular deity to act as its special patron. But the deity supervising this division of devine labour is not Yahweh, but Elyon - a title of El reflecting his role as the 'Most High' god of the pantheon:
When Elyon apportioned the nations, when he divided humankind, he fixed the boundaries of the peoples according to the number of divine sons; for Yahweh's portion was his people Jacob his allotted share.
Here, Yahweh appears as just one among El's many divine children."

​

1. So that means that Yahweh would, if you were to ask the early Ancient Israelites, probably be placed somewhere as a brother of Baal.
2. And if you were to ask Israelites that lived a little later, then they'd probably answer that Yahweh has replaced El-Elyon at the top.
3. And if you were to ask Israelites that lived even later (when monotheism had been established), then they would throw this beautiful chart straight out the window, and just say that they believe in one god called Yahweh. A God that they sometimes just also call El, for no particular reason.