Verse 1
Fatefully
I tried to pick my battles 'til the battle picked me

This line alludes to Kardashian and Kanye West's takedown of Swift on social media following their public drama

over West's song "Famous" and its lyrics about Swift.

Misery
Like the war of words I shouted in my sleep

Refrain
And you passed right by
I was in the alley, surrounded on all sides

Swift and Alwyn were both at the 2016 Met Gala together. But that night, Swift ended up dancing with Tom Hiddleston and ultimately having a summer fling with him. Alwyn and Swift would start dating in fall 2016, after her and Hiddleston's relationship ended.

The knife cuts both ways
If the shoe fits, walk in it 'til your high heels break

Chorus
And I fell from the pedestal
Right down the rabbit hole
Long story short, it was a bad time
Pushed from the precipice
Clung to the nearest lips
Long story short, it was the wrong guy

[Post-Chorus]
Now I'm all about you
I'm all about you, ah
Yeah, yeah
I'm all about you, ah
Yeah, yeah

Verse 2
Actually
I always felt I must look better in the rear view
Missing me
At the golden gates they once held the keys to

Swift disappeared for a year after the 2016 drama, no longer being photographed by paparazzi or updating her social media. She came back and released Reputation. She has since been more private than she was during her 2015 squad days, using social media to give fans periodic updates about her life (usually containing easter eggs about future music) and to promote her work. She is not a celebrity street style or celeb gossip fixture anymore, living more of her life in private than public.

Refrain
When I dropped my sword
I threw it in the bushes and knocked on your door
And we live in peace
But if someone comes at us, this time, I'm ready

Swift also spoke to The Guardian in August 2019 about why she doesn't talk about her relationship with Alwyn in interviews as a way of protecting it.“I’ve learned that if I do, people think it’s up for discussion, and our relationship isn’t up for discussion,” she said with a laugh. “If you and I were having a glass of wine right now, we’d be talking about it—but it’s just that it goes out into the world. That’s where the boundary is, and that’s where my life has become manageable. I really want to keep it feeling manageable.”

Chorus
'Cause I fell from the pedestal
Right down the rabbit hole
Long story short, it was a bad time
Pushed from the precipice
Clung to the nearest lips
Long story short, it was the wrong guy

Post-Chorus
Now I'm all about you
I'm all about you, ah
Yeah, yeah
I'm all about you

Bridge
No more keepin' score
Now I just keep you warm (Keep you warm)
No more tug of war
Now I just know there's more (Know there's more)
No more keepin' score
Now I just keep you warm (Keep you warm)
And my waves meet your shore
Ever and evermore

Swift makes it clear she's done feuding with people ("keepin' score") and is focused on fostering her and Alwyn's relationship for the longterm with that energy.

[Verse 3]
Past me
I wanna tell you not to get lost in these petty things
Your nemeses
Will defeat themselves before you get the chance to swing

Advice to Swift's former 2016 self who often made headlines for her feuds and drama with other celebs (usually through blind-item lyrics, like now-friend Katy Perry in "bad blood" most notably). 2020 Swift is not that person, though the Kimye takedown affected her profoundly. As she told Vogue in September 2019 about being "canceled" then, “A mass public shaming, with millions of people saying you are quote-unquote canceled, is a very isolating experience. I don’t think there are that many people who can actually understand what it’s like to have millions of people hate you very loudly. When you say someone is canceled, it’s not a TV show. It’s a human being. You’re sending mass amounts of messaging to this person to either shut up, disappear, or it could also be perceived as, Kill yourself.”

“I realized I needed to restructure my life because it felt completely out of control,” she continued. “I knew immediately I needed to make music about it because I knew it was the only way I could survive it. It was the only way I could preserve my mental health and also tell the story of what it’s like to go through something so humiliating.”

Refrain
And he's passing by
Rare as the glimmer of a comet in the sky
And he feels like home
If the shoe fits, walk in it everywhere you go

Chorus
And I fell from the pedestal
Right down the rabbit hole
Long story short, it was a bad time
Pushed from the precipice
Climbed right back up the cliff
Long story short, I survived