As I understand it, it can be used 3 ways, similar to the way the word "White House" is used.
1) It's the buildings where the Pope lives, and where the Papal authority, that is the organization that carries out the Pope's role, are housed.
So, for example, I could say. "I've always wanted to visit the Holy See, and enjoy the spectacular artwork that is on display there." Just like I could say "I've always wanted to visit the White House to see . . . ."
2) It's the organization that is housed within the Holy See.
So, for example, you might read "The Holy See announced that the Pope is ill and will not be attending . . . " Just like you might read "The White House announced today that . . . "
3) It can be a way of referring to the Pope himself.
So, for example, you might say "The Holy See sent a proclamation today in support of the actions of . . . " meaning a proclamation that was made by the Pope, in the same way you might say "The X bill was signed at the White House" when what you mean was that Obama signed it. You wouldn't say "The X bill was signed at the White House" if what happened was that Sasha Obama found a draft of the bill, and practiced her signature on it.