I think it’s far more beautiful, richer, and emotionally expressive a ballad and character moment for Aerith, than it being just a love song for Cloud.
That's why setting NPTK as a love song directed only at one character dynamic felt so wrong for me.
We were told time and time again that NPTK is a theme song for the game. I know that love songs can be theme songs for e.g. romcom movies because those are usually focused on "we have 2 characters and we watch them fall in love" as the main plot. But Rebirth? It's got so many other themes (other than romantic subplots) involving different characters so reading NPTK as only a love song for 1 pairing felt weird to say the least.
As Nojima said, it can be seen as a romantic ballad but claiming it as a CA song only is a disservice to everything the game as a whole tries to convey. Each relationship Aerith forms doesn't exist in a vacuum/bubble separated from the context. I do believe a part of the lyrics can be read as as Aerith trying to process and show her feelings towards Cloud (I mean, it's been established that Aerith likes him) but making it all about Clerith is not fair to Aerith and every bond she managed to form thoughout the games.
"It paints her as a woman who has reflected deeply on all the relationships she’s made on her journey, and how it feels for her to slowly be coming to accept her responsibilities that might take her down a path where she may never see these people again." - 100% this! It makes me appreciate Aerith's character arc more than before.