He faked being a hippie folk singer. He later admitted he couldn't stand those folks. He is at least candid about that fifty years after he cashed out on those knuckleheads. This song is such a rambling piece of nonsense it is impossible to determine whether he is a conspiracy kook.
What is the truth, and where did it go?
Ask Oswald and Ruby, they oughta know
It's a pretty awful song - the lyrics, et cetera. Norman Mailer won numerous awards - two Pulitzers, several National Book Awards - but I don't see conspiracy advocates uncritically accepting his book on Oswald. Nor should they.
In any case, on December 13, 1963 Dylan received the "Tom Paine" award and he said this (in part):
“… So, I accept this reward – not reward, (Laughter) award in behalf of Phillip Luce who led the group to Cuba which all people should go down to Cuba. I don’t see why anybody can’t go to Cuba. I don’t see what’s going to hurt by going any place. I don’t know what’s going to hurt anybody’s eyes to see anything. On the other hand, Phillip is a friend of mine who went to Cuba.
I’ll stand up and to get uncompromisable about it, which I have to be to be honest, I just got to be, as I got to admit that the man who shot President Kennedy, Lee Oswald, I don’t know exactly where —what he thought he was doing, but I got to admit honestly that I too – I saw some of myself in him. I don’t think it would have gone – I don’t think it could go that far. But I got to stand up and say I saw things that he felt, in me – not to go that far and shoot. (Boos and hisses) You can boo but booing’s got nothing to do with it. It’s a – I just a – I’ve got to tell you, man, it’s Bill of Rights is free speech and I just want to admit that I accept this Tom Paine Award in behalf of James Forman of the Students Non-Violent Coordinating Committee and on behalf of the people who went to Cuba…”. (Boos and Applause)
I don't know if he later changed his views on this. Probably so.