Okay, at first glance, the lyrics seem to make no sense, but I think I might've gotten some idea of what they mean.
"We are living our lives, abound with so much information"
Basically, people go through life getting all sorts of info thrown at them from every direction: TV, the internet, books, etc.
"Come on, let go of the remote; don't you know you're letting all the junk flood in?"
... Put simply, get your ass away from the computer/TV/what have you. Yeah, you're taking in a lot of info, but how much of it is true? It could easily be "junk" -- lies, propaganda, and other sorts of biased info.
"I try to stop the flow, double clicking on the go, but it's no use; hey, I'm being consumed"
The singer's desperately trying to limit the bad information that reaches them, but to no avail.
"Loading loading loading, quickly reaching maximum capacity"
There's a limit to how much information a person can retain before it's blocked out or forgotten.
"Warning warning warning, gonna short-circuit my identity"
This can actually pertain to Persona 4: Shadow selves basically take on an identity of their own if they're denied and "short-circuits" that of the original. In other words, kill them.
"Get up on your feet, tear down the walls"
Get out there and meet people. Get to know them; they can help you see things from a new perspective.
"Catch a glimpse of the hollow world"
I'm actually not so sure about this one. Maybe it's something about putting yourself in someone else's shoes?
"Snooping 'round will get you nowhere"
... Nobody likes a person who's too damn nosy.
...
Nah, I kid. This probably means it's not good to find out about a situation just from poking around by yourself, ask other people about it.
"You're locked up in your mind"
This reinforces the whole "let's look at this from a different perspective" thing, you won't get anywhere if you just keep to yourself.
"We're all trapped in a maze of relationships"
People are fucking complex. Sometimes you may have to bend over backwards to avoid pissing them off. The whole thing can be like going through a maze.
"Life goes on with or without you"
Self-explanatory. Time waits for no one. Things change, people change. Your choice whether you want to keep up.
"I swim in the sea of the unconscious"
Another line pertaining to the game. The protagonists exploring the Midnight Channel to save someone are basically looking at what the people have repressed.
"I search for your heart, pursuing my true self"
Again, self-explanatory.