Debpriya De, I respect you as a student of philosophy most probably implies that the speaker reveres another person only when it concerns that person's learning abilities, so that so sentence is further extendable to I respect you as a student of philosophy, but I dislike you as a person. You are right: another meaning is conveyed by As a student of philosophy, I respect you , which can be seen as equal to Being a student of philosophy, I respect you. It may be possible for other meanings to be expressed by the speakers in a given situation, but these are the most probable options.
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