Did you try it?

print wordCheck( 'onlyones', $_ ) for qw[ none noon noone lyoness ];
1
1
1
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Perhaps this will clarify:

sub wordCheck{
    my $s  = join  '', sort split'', $_[0];
    my $re = join'.*', sort split'', $_[1];
    print "doing: $s =~ $re";
    return $s =~ $re;
}

print wordCheck( 'onlyones', $_ ) for qw[ none noon noone lyoness ];;

doing: elnnoosy =~ e.*n.*n.*o
1
doing: elnnoosy =~ n.*n.*o.*o
1
doing: elnnoosy =~ e.*n.*n.*o.*o
1
doing: elnnoosy =~ e.*l.*n.*o.*s.*s.*y
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