The speaker reflects on their past relationship, acknowledging that they were too young to appreciate their partner fully. Now, with greater understanding, they recognize the depth of their bond. The phrase "if she be a traitor" suggests a conflict or betrayal, yet the speaker highlights their shared experiences, emphasizing their closeness. They reminisce about the intimate moments spent together, reinforcing the idea that their connection transcends betrayal.

The imagery of "Juno's swans" symbolizes loyalty and companionship, illustrating how they were inseparable. The speaker's recognition of their relationship's value marks a shift in perspective as they grapple with the complexities of love and loyalty. Ultimately, it portrays the timeless struggle between affection and perceived betrayal while celebrating the enduring nature of their bond.