Yes, it is a great song. Join the ranks of many of us who have been engaged
in different ways with it.
As the lyrics are poetry, it can present itself
differently to different people at different times. As such, there
might not be one correct answer for your question. Reading the lyrics
today (I've heard the song hundreds of times), a current take is: an
artist struck by his own insufficiency ("hand" hasn't moved -- the
writing hand?) and what that represents in terms of potential
unfulfilled. The biblical metaphors are powerful. The contrast between
broad, grandiose sweeps of the biblical/historical metaphors with the humility
(or maybe really bad feelings he may have had at the time) are enormous,
poingnant and striking. This particular take is also mindful of the song
as a representation for the artist possibly feeling really overwhelmed, which might
make for subject material (we have the song), but at the peril of the
artist's own well-being (feeling miserable and all that goes with that). Feel free to
completely dismiss all of this and have fun engaging with the song in your own way.
Happy strumming and singing to you.