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It's not "for Joanne and the man and the time that made them both wrong", it's "the time that made them both RUN". You can hear it plain as day, on the original recording, but especially here:
https://www.youtube.com/watch?v=nBQUvL0RQY8
It was inspired by Joanne Woodward, but it's not necessarily about her. He turned into something more universal.
It's not "for Joanne and the man and the time that made them both wrong", it's "the time that made them both RUN". You can hear it plain as day, on the original recording, but especially here:
https://www.youtube.com/watch?v=nBQUvL0RQY8
It was inspired by Joanne Woodward, but it's not necessarily about her. He turned into something more universal.