The speaker is thinking about a woman they love and listing what they believe she deserves: real love, a tender hug, a long midnight kiss, and someone who treats her well. Then comes the painful question, "Me? Or him?" The speaker quickly answers it themselves. "Maybe not me" slips into "I wish it was," and then into the blunt "But I know it's not."
The short, clipped lines feel like thoughts arriving one at a time, with the speaker too hurt to say more. The images of a queen, a king, and a beautiful castle sound like a fairy tale, which makes the final line land harder: this is "something I never could give." The mood is quiet, wistful, and sad. There is no anger at her or at the other man. Instead the speaker accepts, with heartbreak, that loving her and being right for her are not the same thing.