Lyric discussion by seahen 

Cover art for Dark City lyrics by Machinae Supremacy

I'd think so too, but looking up some Oblivion sites I don't see any references to a train yard or a belvedere. And the map at http://guides.gamepressure.com/theelderscrolls4oblivion/guide.asp?ID=882 doesn't show any extant cities near Serpent Hollow (although it does show some elven ruins).

@seahen the song may be about both Oblivion and Fallout 3... maybe the Fallout series and the Elder Scrolls series as a whole