Maybe for most people the meaning doesn't matter. It's the feeling that counts.

A pity. For me the meaning is important. Without getting under the skin of the song, how can you sing it effectively?

Also of interest is this verse I found in a version sung by Shirley Collins.

We had a female comrade, Sue Summers was her name,
And she was given sentence for a-selling of our game.
But the captain fell in love with her and he married her out of hand
And she proved true and kind to us going to Van Diemen's Land.

Here it is clear what the "game" is, namely what the poachers have caught. The girl has been convicted for acting as a fence (to use a modern term)