{ 1 } - an irreducibly real thing.
{ 2 } - a logical fiction -- a way of talking about a series of experiences.

Russell claims that we don't experience the self as an independently existing real entity. We only experience individual sensations and experiences. So he doesn't affirm that the self is an irreducibly real thing; but he doesn't deny it either.

We surely do have individual sensations and experiences -- and these are clearly real. We can regard our speech about persons as a way of talking about these sensations and experiences. Whether the self is anything beyond this, we cannot say.