Careful reading (not easy because the print is white on a deep yellow) of the notes on the CD casing makes it clear that the song is not traditional, except insofar as its author, Barry Kerr, is (clearly) very familiar with traditional song form.
I don't think it has any meaning apart from the obvious - others before now have seen 'hidden' meanings in hare hunting songs but they are common in the north of Ireland and none of the many that I know have any hint of any allegorical content.