Broo the fact that The Feeling was produced for Shawol 15th anniversary, at a point in time where SHINee and Shawol hadn’t actually met in 4 years. “The feeling” that they’re singing about, that they’re wishing for, is the feeling of being onstage surrounded by SHINee World.
The lyrics can be interpreted either as being from SHINee -> Shawol, or Shawol -> SHINee. The lyrics work from both perspectives, and change meaning based on which perspective you’re focusing on.
“Set fire to the dark and show you my light//A long arc I draw a path for you//Hold your head up, where you stand is in the right//Every bit of you I'll illuminate.” The reference to SHINee World is evident. In a time when they hadn’t seen a pearl aqua ocean AS SHINee in 4 years, I’m sure they were missing that light. Their name means “ones who receive light,” but as a Shawol I feel like they always reflect it back twice as bright. So it works just as easily to think of it as a reassurance to Shawol, that SHINee will be there to illuminate their path.
“I wanna feel//I'll be the light you seek even in dreams//Running parallel and right next to you//When you feel me, look up//I'll feel you close sending shivers across my skin.” Again, can be seen from either SHINee or Shawol’s perspective. I also feel as though the “look up” lyric is in reference to Jjong, because honestly his presence is in every single lyric.
The ending lyric being “I wanna feel again,” is very telling. At the point the song was produced, each of them had had fanmeetings and concerts individually; but “the feeling” they’re talking about is specific to standing on stage as five, and hearing and feeling Shawols presence.
That’s what they were wishing for, and what they got to do when they performed the song for the first time. It truly is a celebration of the reunion of SHINee and Shawol, and it makes me so, so happy.