How to read a textbook for distance learning coursework - do I need to work on fact recall, or is understanding enough?
It might helpful to change the question slightly, into 


  What is the purpose of writing a textbook?


Usually a textbook is written to lay out a fairly well codified body of knowledge about a topic. The "well codified" part is important: it's expected that this body of knowledge has some lasting value. The textbook is also written (hopefully) in a way that *teaches this knowledge, as opposed to merely dumping it out. 

To me it sounds like the book you're reading is of the second kind (a dump of facts). Such a textbook is better treated as a reference book, like a dictionary. No one reads a dictionary (unless they're trying to pass the GRE or win a spelling bee :)), but they will refer to it to get the meanings of words. 

Similarly, with a book that describes 35 problem solving methods, maybe reading it cover to cover isn't the best strategy. Rather, you should focus on a few techniques (or even one) and try to understand that well. Then put the book away and revisit it from time to time.

So to answer your question: 


  A textbook can be a collection of facts, but often it's more than
  that: it's a path through the facts that provides a structure with
  which to process the facts. The goal of reading (and learning) is to
  acquire both the facts AND the structure. The facts will be easier to
  remember if you have the structure in place, and the structure makes
  more sense with the facts as examples.