Howe missed a dozen games after his gruesome fall in round one, which left him with four breaks in the left forearm and two in the elbow.
The 32-year-old required multiple rounds of surgery and had a setback when the arm became infected early in his recovery.
But a gradual return to fitness through a meticulous rehabilitation program led to a long-awaited comeback against Adelaide on Sunday, with Howe playing a key role in the thrilling two-point victory.
The high-flying defender took a trademark soaring grab over Luke Pedlar and finished with 20 disposals, eight marks and six intercept possessions.
He also featured twice in the final play as Collingwood's defence thwarted the Crows' desperate last forward thrust to seal a win that put them back on top of the ladder.
"It's a nice comeback. He's a great player for us," McRae said.
"I don't know if it gets lost how good a player he is.
"His ability to read the play, intercept, set up others - he's our vice-captain too - so his leadership and knowledge of the game we've missed enormously.
"It's exciting to think he's going to get better from this."
Collingwood forward Will Hoskin-Elliott was on the end of the last possession chain, taking a relieving mark from Howe's clearing kick seconds before the siren.
Hoskin-Elliott said Howe's return had given Magpies teammates a huge boost as they progressed towards the business end of their premiership tilt.
"He's an absolute team-lifter. We love playing with Howey," Hoskin-Elliott told AAP.
"You know he's going to give his all every single week, so it's huge to have him back."
Days before his comeback, Howe revealed he still lacked sensitivity in his left hand and fingers, which may take more than a year to be fully functional again.
He played against Adelaide with a basketball-style protective sleeve on his arm, which had to be approved by the AFL.
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