1. make out的用法

make out 为短语动词，有很多个意思（具体有哪些意思可查词典），其中有一个用法是，表示“声称”“把……说成”，你的句子中的 make out 就是这个意思。又如：

He tries to make the book out to be an excellent one. 他试图把这本书说成是很好的一本书。

He makes himself out to be poorer than he really is. 他把自己说得比实际上要穷。

They made it out to be a very interesting job, but in fact it was very boring. 他们把这工作说成很有趣，但实际上这工作很乏味。

2. 句子分析

I don't think traveling is as good as you make it out to be.

I don't think：主句

traveling is as good as you make it out to be：宾语从句

在宾语从句中：traveling (主语) is (系动词) as good (表示) as you make it out to be (比较状语从句)。

3. 与 you thought替换

把句子中的as you make it out to be 换成 as you thought 也可以。