It's trippy, funny, scary, heavy... I think it's amazing they managed to do all that in one song. I'm not sure if I'm supposed to laugh or be scared.

But to the point :
I think the reminiscences of older songs are done on purpose in this song.
These lines could be a nod to Third Eye :
"Then you looked right through me
With somniferous almond (?) eyes.
Don’t even know what that means
Must remember to write it down."

At the same time the guitar is playing a rework of the main riff from Third Eye. It's like a parody of Tool, of the band members, of the fans, done in a scary and psychotic way.