There is a 7:55 minute video on YouTube, posted by what sounds like an academic who calls himself Nerdwriter1. It is entitled "Why Bob Dylan won the Nobel Prize: All Along the Watchtower explored". Here are the author's opening lines, spoken over the song as it plays: "There are some novels, some trilogies in fact, with less actual content than Bob Dylan's All Along the Watchtower. It's really astonishing what Dylan achieves in 12 lines, 130 words, and 2-1/2 minutes."
In his exploration, the author dissects the song in terms of literature, the Bible, and the song's place in Dylan's evolution as a songwriter. Well worth eight minutes of your time.