DigificWriter

I was gonna post this earlier, but here's a breakdown of who and/or what each song on the album is about (to the best of my knowledge, anyway), in case anybody was wondering:
The 1
Reminiscing about a former relationship and wondering 'what might've been?'

Cardigan
The first in a triptych of songs that Taylor dubbed her "High School Love Triangle"; told from the POV of a fictional girl named Betty, the song talks about the lost relationship between herself and a boy named James, who cheated on her over the summer

The Last Great American Dynasty
A biographical song about American composer, sculptor, dance patron, and philanthropist Rebekah "Betty" Harkness, who co-built Taylor's Rhode Island residence, Holiday House, with her then-husband, Standard Oil heir William "Bill" Harkness; Taylor also uses the last verse to compare herself to Mrs. Harkness, similar to the way she compared herself to the mystery subject of the song The Lucky One

Exile
Speaks about the end of a toxic relationship as told through the POVs of both parties involved in said relationship

My Tears Ricochet
A posthumous reminiscence about toxic people showing up at the narrator's funeral

Mirrorball
A reminiscence about how the narrator and her significant other reflect one another

Seven
This song is about a childhood romance and is told from the POV of a little boy

August
The second song in Taylor's "High School Love Triangle" triptych, this song is sung from the POV of the unnamed young woman who had a summer fling with Betty's boyfriend James

This is Me Trying
Reminiscence about a relationship that went south and the narrator trying to cope with the aftermath

Illicit Affairs
Adultery (obviously)

Invisible String
The first fairly straightforwardly autobiographical song on the album, this one is a reminiscence about Taylor and Joe's relationship and the concept of destiny; it also contains what may be a reference to Joe Jonas

Mad Woman
The second fairly straightforward autobiographical song on the album, this one is a diatribe against Scooter Braun and Scott Borchetta/Big Machine Records and is pretty much Taylor owning her right to be pissed off

Epiphany
This song is about two things: 1) the selfless service of soldiers (like Taylor's grandfather Dean) who fought in World War II and 2) the selfless service of frontline healthcare workers during the current global pandemic

Betty
The third and final song in the "High School Love Triangle" triptych, this song is sung from James' POV as he tries to get Betty to forgive him for him having cheated on her during the summer

Peace
The third fairly autobiographical song on the album, this one is pretty clearly Taylor once again reminiscing about her relationship with Joe and wondering if he's bothered by the fact that she can't ever really give him a peaceful life because of her reputation and visibility, with a reference or two thrown towards Scooter Braun and Kanye West

Hoax
This one's a reminiscence about a failed and toxic relationship that the narrator still wishes she had despite the pain it caused her