And when I swing it
So, it catches his eye ...
(Weren't you there ?
- You'd have died !)

I trust the views of
Certain people I know
They look at Danger
And they
LAUGH THEIR HEADS OFF

Their clothes are Imitation
George the 23rd
(Don't you find this absurd ?)

I'd hate to be like
Certain people I know
They break their necks
And can't afford to
Get them fixed

Ah, they'd sacrifice all
Of their principles for
anything cashable
I do believe it's terrible

Oh, wo, wo
Ah, ah, ah, ah
Oh, wo, wo
Ah, ah, ah, ah
Oh, wo, wo
Ah, ah, ah, ah

This song does seem a bit frivolous. But I see the lightheartedness as ironic, in that it underscores the song's general theme of the paradoxical relationship and uneasy give and take between taking a firm stand for personal principles, and the easier path of giving into the charismatic yet questionable influence of those around you (even though you might know better). The narrator of the song is torn between "taking the cue" (and here I read "taking the cue" as following the lead in addition to playing pool - both are social endeavours) and "trusting the views" of the people, and "hating to be like" those same people, finding their clothes (and views, by extension) "absurd." In then end he indicts them for "sacrificing all of their principles for anything casual".
It's often a battle to stick to your beliefs, when it's easier and more fun to follow other people, publicly laughing their heads off, down a path of casual frivolity, superficiality, and even cruelty. In his closing "Oh, wo, wo, Ah, ah, ah, ah" is Morrissey bemoaning his place among the people he knows, laughing at them, or bitterly gritting his teeth ? Is he uneasily laughing to play along, knowing better, yet unwilling to stop?