It's close, I think. You're right about the ambiguity...closer to what is what I was asking myself. But maybe it's ok to leave that ambiguity in there. And I think the verses point to it, but they could be stronger.
I think the chorus is really strong as a whole
. I like how you held the melody note on 'need' and 'think'. But I wanted to hear the chorus sooner, right after the first verse. Although the song moves, it felt too long to the chorus, IMHO. And since verse three felt like the weakest verse, I think you could condense it into a two line bridge (with a little help from verse 2).I agree with mikeymike about the need for a more consistent rhyme scheme in the verses. You set us up in the first verse for ABAB, then switch to XBXB for verses two and three. And in verses one and two you have nice internal rhyme in line three (day/way and fall/crawl) that you omit in verse three.
The lines that I liked best
:But every road leads back to you and me
Miles are just baby steps in time
(But) I promise you I’ll never leave your side
But I also think there are a few lines throughout that could be tweaked. My humble suggestions are below...
V1
Hey hey, don’t let me hear you say (How about "Hey, babe, it scares me when you say")
(That) you’re giving up on all our hopes and dreams (I thought I heard you sing 'your' but you wrote 'our' - I liked 'our' better.)
Every day has a detour ‘long the way ('every day' sounds like an exaggeration - "Yesterday was just a detour on the way" or "We will face a few detours on the way")
But every road leads back to you and me (Nice payoff!!)
(CHORUS)
Take a moment now to breathe
You and I are all we need
Sometimes you just have to believe
That we are closer than you think
I suggest a little more editing and rewriting in verses two and three to match the rhyme scheme from the first verse. You could look for a rhyme for 'tears' in line three, but you'd need two to keep that internal rhyme in line three. Easier - and with the same meaning - is to look for another 'all' rhyme. You could go soft with something like "Through the smiles and the tears we'll carry on" but I think you can do better:
(V2)
Steady now through the smiles and the tears (how about "Steady now, I'll be here for the long haul")
Miles are just baby steps in time
When we fall we’ll get up or even crawl
And when we’re lost our hearts will be our guide ("Turn mountains into molehills as we climb" keeping this verse about their journey through time together...)
I think you can shorten verse three to a bridge:
I promise you I’ll never leave your side
And when we’re lost our hearts will be our guide (I moved this line out of verse 2 is to use it here!)
If you keep it VVCVCIC, then for verse 3 you could try something like
(V3)
Hey hey now let me hear you say ("Hey, now, sometimes it's touch and go"
I’ll be with you on this journey your whole life (I promise you I’ll never leave your side)
No one knows the things that lie ahead ("No one knows which way the wind will blow" keeps the internal rhyme
But when we’re lost our hearts will be our guide
FWIW, here's my suggested revisions as a whole (not that you asked for them
)V1
Hey babe, it scares me when you say
(That) you’re giving up on all our hopes and dreams
Yesterday was just a detour on the way
But every road leads back to you and me
(CHORUS)
Take a moment now to breathe
You and I are all we need
Sometimes you just have to believe
That we are closer than you think
(V2)
Steady now, I'll be here for the long haul
Miles are just baby steps in time
When we fall we’ll get up or even crawl
Turn mountains into molehills as we climb
(CHORUS)
Bridge (my preference):
I promise you I’ll never leave your side
And when we’re lost our hearts will be our guide
(CHORUS)
V3 (if you go w/three...)
Hey, now, sometimes it's touch and go
I promise you I’ll never leave your side
No one knows which way the wind will blow
But when we’re lost our hearts will be our guide
Great work guys, the melody really grew on me the more I listened. Hope this helps, and that my suggestions aren't too presumptuous. Good luck with it!
You guys rock! 
