That's how Margaret Barry sang it, with just the three verses, and that's how lots of people, includng me, first heard it.

I think it works dramatically better without that third verse explaining things a bit. I don't want explanations.

I'm not sure whether that verse was in Padraic Colum's version when he published it - I've seen it printed both ways.

I think it was likely Margaret Barry's recording that made people sing the last verse with "my dead love came in" - and I think that's a lot better than "my young love came in".