Hm... Yep.

Line 2 does refer to Squall, but it also refers to the fact that Rinoa is a Sorceress. Line 1 refers to Rinoa receiving the Sorceress abilities which manifest for Rinoa (or as visually so for the audience) as a pair of white wings spouting from Rinoa's back. Line 3-4 relates to Rinoa's iconic sky blue outfit (which also has a pair of white wings painted on the back).