Explain "Two has three, and four has three, but three has only one".
I believe you are talking about
"Two" also has "to" and "too", "Four" also has "for" and "fore", but "three" has no homophones.
you are talking about
2 has two, too, and to.
4 has four, for, and fore.
and three has only three. this also means that 1 would have two (one, and won);and 8 would also have two (eight, and ate).
if you speak German then nine has two as well(nine and nien)
p.s.s. I really like this puzzle. I have tried it out on my siblings. we had lots of fun.