@juvenescence I think you are right with your interpretation, but it also works as a tribute to Stan Brakhage as his experimental filmmaking has a lot to do with the ideas portrayed in this song. His techniques were very minimalist and he took cinema to new boundaries, where he discarded a lot of, as you say, "technology and materialism" and just made films which were very different to what the common idea of cinema was at that time (and could very much be applied to modern cinema, as well). Basically, these lyrics describe, in my opinion, a lot of what Brakhage represents to cinema, and could be applied to more general aspects as well.
@juvenescence I think you are right with your interpretation, but it also works as a tribute to Stan Brakhage as his experimental filmmaking has a lot to do with the ideas portrayed in this song. His techniques were very minimalist and he took cinema to new boundaries, where he discarded a lot of, as you say, "technology and materialism" and just made films which were very different to what the common idea of cinema was at that time (and could very much be applied to modern cinema, as well). Basically, these lyrics describe, in my opinion, a lot of what Brakhage represents to cinema, and could be applied to more general aspects as well.