Only two notes:
The verse is, of course, intended to use many rhymes for "yellow", the ballade form demanding fourteen such rhymes. The other two rhymes were chosen to match two other colours, "red" and "green".
The envoi in a traditional ballade is addressed to a "Prince". One of the best known examples of a variation of the form in English is Austin Dobson's "A Ballad to Queen Elizabeth" (usually called "Galleons of Spain"), where the envoy, as he calls it, is addressed to "Gloriana" (the Queen).
So my "Queen or Prince" was nodding to other examples of the form (and it just turned out to appear to refer to popular musicians).