Well...kinda. Neither Mercury nor May have disclosed what the song is about. There's an explanation floating around that the song is about Mercury selling his soul to the devil and wishing to get it back, and others think it's just about how fucked up Mercury was during that time in his life.
Since Freddy wrote this over a long period of time, we will never know, unless he re-animates from the Great Hereafter. I think that, for the remaining members of Queen, they were far more interested in the composition of the song's different musical parts (of which there were many).
It's a great song. Just appreciate it.
It's a great song. Just appreciate it.