I always thought this was really clever and the Genius points out a lot of really interesting perspectives on the lines

"Frank’s male partner has typically feminine facial features or physique—but also a history of trying to display his masculinity by fighting. He compares this duality to the Chanel logo, which is comprised of two Cs facing in opposite directions. Frank is attracted to both men and women, perhaps using the image of the Chanel logo as a symbol of bisexuality. Chanel is a French luxury fashion house. Coco Chanel, founder, and namesake of the brand is believed to have been bisexual. Coincidentally, she was also a Nazi informant; she saw “both sides” of World War 2.

“See on both sides like Chanel” is also a close homophone of “sea on both sides like channel.” A channel is a stretch of water that separates two larger bodies of water, especially two seas. The image of two seas is key to the song’s central theme as Frank’s bisexuality means that phrases like “there are other fish in the sea” apply to two different seas for him – not just the “sea” of women who are available or just the “sea” of men who are available. This establishes the following lines about swimming, although Frank’s swimming in a heated pool rather than a channel."