...or am I just trying to interpret this song?
This song is about interpreting songs. Sounds so innocent when you put it that way, no?
I just love how this is a narrative, a special kind called noir, where the narrator is paranoid that she or he is half creating (at least) what is happening. Narratives can't say everything all at once, which tells you about how you can't access all of a thing all at once.
The full ambiguity of the aesthetic experience on display here. Which is how OOO objects appear in general, so you have been warned :)