Let $f: \mathbb R^n \to \mathbb R^m$ be smooth and let $x_0 \in \mathbb R^n$ be such that $\operatorname{rank}{(J_f(x_0))} = k $. Then there exists a neighboudhood of $x_0$ and diffeomorphisms $\phi, \psi$ such that
$$ \phi \circ f \circ \psi = (x_1, \dots, x_n ) \mapsto (x_1, \dots, x_k, 0 \dots, 0)$$
on this neighbourhood.
This is the constant rank theorem.
It seems to me that this is saying that any smooth map can be written as a projection onto some of its coordinates on some neighbourhood.
Is this really what this is saying? Please could someone help me get the intuition behind this theorem?