I've been thinking about the lyrics because they come across as a patchwork of thoughts. But ultimately, it is a song about the struggle with God (as mentioned by The Truth) and our entire existence ("Earth is one big asylum, one explosive prison cell") due to restrictions imposed by religions, armies and also by the envy of others. These are familiar themes already expressed in other Morrissey songs. Here, he likens his own struggle for existence to that of Israel or at least the people of Israel.
I find the music quite enjoyable, honestly. I admit there isn't much of a tune, but I like how they gradually build a dark and threatening atmosphere, and when it finally explodes, it is liberating (Love yourself as you should, Israel). It's a nice example of the music accompanying the narrator on his "existential" journey.