Actually, I hadn't thought of Princess Diana at all regarding Queen of Hearts. Must be an English thing. The "Queen of Hearts" reference is to the nursery rhyme poem attributed to (if I'm remembering my lit history right) Charles Lamb?

The "not making hay" reference which follows it, to me, means that the poet knows his love will always be unrequited.

There is the shift from August to November too, as if the poet can't decide whether to feel poignant or bitter. Which is a choice we all make when love doesn't go our way. That is what the poem is about to me. How the poet is going to live with the reality of his love being unrequited.

There are many layers of traditional Irish motifs to this unrequited love song--the age difference metaphor in August/November, and the difference in feelings being evoked by the seasonal metaphor of late summer to early winter.