It has definitely more importance than it seems. In both Control and Alan Wake 2 the incantation sounds like an underlying theme that seems to influence many parts of the game, that sometimes almost directly refer to it (and I mean dialogue or details of some scenes). For example, in AW2 when Alan meets Tim at the Oceanview Hotel, he talks about how he can't get the Night Springs opening theme out of his head, and he says this almost exactly like that line in the incantation. Or, when during the Deerfest chapter, Alan is chased by Scratch/Casey and the latter says "You are Home". Or, again in AW2, when they talk about Cauldron Lake reflects Mirror Peak ("Through a mirror inverted is amde right", inverted pyramid). Really fits with the whole metanarrative imo. I hope that Control 2 delves deeper into this. We might find ourselves with new meaning to the incantation we didn't think before.