Air Balloon is about being high guys
Somebody remind me where I am, Miami or Timbuktu?
Did I ever tell you my uncles monkey ran away from the Zoo?
She's unaware of her suroundings and what's she's talking about
I don't like dropping names but Kurt Cobain is all in my face
How the hell am I gonna tell him Elvis already took first base?
Hallucinating talking to dead famous musicians, and thinking they are hitting on her.
In and out of the blue this cruise is losing altitude, all we need
Is a little more elevation, take me back to where I can breathe.
Talking about coming down. (People are known to have panic attacks when they come down as well, hence the "take me back to where I can breathe). It's not logical that it's about being up in the sky, since it can actually make it harder.
Shake it, sh- shake it now
Gimme, gimme some
Sailing sa-sailing through the clouds
Trippin' trip trip it now
when your high, it can feel like your floating on air/water
The video also supports being high.
I think you'll find it's a song that Lily wrote to seem like a positive pop song, but as she has said in many interviews she wants her songs to be like elevator music, but have deeper meaning so people do a double take and think "did she just say that??"
It's nothing new for Lilyl. You can't take lyrics at face value.