A time you may embraceFrom hearing the Byrds' version, I'd always thought that these lines meant that there is a time when embracing is allowed and a time when it should be avoided, but because Collins articulates them differently (she emphasizes may), I realized that they could mean something else - that there's a time that you'll want to be a part of and a time that you won't want to be a part of. In some ways, it's similar to the carpe diem idea. There are some days where you'll want to seize the day and some days where you won't.
A time to refrain from embracing
It's interesting how the articulation of the lyrics can draw out these different meanings.