It's just a very simple song about unrequited love. In short, Moz doing what he does best with a lovely composition backing it up.
I don't understand how the lyrics have anything to do with The Smiths.
As far as I'm concerned Angel, Angel, We Go Down Together is about Marr (Morrissey has said as much) and Break Up The Family is partially at least about The Smiths.
Billy Budd is also rumoured to be about Marr. Read the lyrics.
"Now it's twelve years on...yes and I took up with you."
The song appeared on Vauxhall and I which was released in 1994.
Morrissey "took-up" i.e. formed The Smiths with Marr in 1982.
Twelve years previously!!!