Not only do we misunderstand songs, we often mishear or misunderstand words used in conversation, business, etc. One I'll never forget reading is about a person who responded strangely to the observation "no man is an island", thinking he heard "no mayonnaise in Ireland".
When I started as a teenage carpenter's helper, there was a lot of technical jargon used that I had neither read nor heard. I misunderstood quite a bit, if I remember correctly. One of the most memorable to me is that I thought a "joist" (a horizontal timber at the ceiling) was a "joyce" (as in the women's name Joyce).