Funny timing for this question: Recently I couldn't get "My Love is Like a Red, Red Rose" out of my head, with the familiar tune "Low down in the Broom" played as a waltz! So I had to exorcise it by writing an arrangement in 3/4, which (IMHO) works very well. Thus while I mostly agree that the lyrics suggest a rhythm, some songs can easily make the 4/4 - 3/4 switch.

Sheet music available at Score Exchange, Accordion Band arrangement & Voice & Piano -- or contact me here.

BTW, Pre-renaissance composers considered triple time "Perfect", 2/4 or 4/4 "Imperfect".