I really like this theory. It makes a lot of sense, in terms of the song and the album.
The snowman could also represent their love (then again, a baby represents love between two people. Arrg @pepe you are a genius)
“We snuggled with each other, we hurt each other”
( ͡° ͜ʖ ͡°) seems to describe the baby making process. If they had a child here, then the rest of the lines would be about the slow death of the child.
“Even I found your selfishness and your crybaby self irreplaceable” could be the singer’s view of their partner towards the end of the song. If their love had been fading away up until this point, then it would be reasonable to think this if they were trying to make their relationship work. It could also be the singer speaking about the baby, and how they even loved the baby’s flaws.
Ironic that oranges, a symbol of health and longevity, are present in the picture.