They shall eat, but not be satisfied; they shall play the whore, but
not multiply, because they have forsaken the Lord to cherish whoredom,
wine, and new wine, which take away the understanding.
It should be clear that this is in the genre of riddle. In riddle, the answer must be known and applied back to the verse. This is not eisegesis since you are not putting your own meaning to it, but applying the answer the author intended.
Using the methods of SP:
Eating relates to learning or the word. Clean animals ruminate/meditate upon the word and it produces a separated/holy walk/life. Swine are undiscerning in what they eat. Dogs return to what they have rejected.
The word of God satisfies, and therefore they are eating something other than the word of God.
Imagery of the whore is common for following after other gods.
Their union with a whore is not fruitful. In contrast, God's union with a virgin produces fruitfulness. So they are spiritually dead.
Water, the Word of God, becomes wine when the axe is removed. Yes that is a riddle too. The Word destroys and gives life. It contains both the Holiness of God which burns up all dross, and the Love/Grace of God which gives life. When judgement is removed from the water, it becomes wine.
Old wine is the grace that all men experience. Though they are sinners, God does not immediately destroy them, but is patient and long-suffering.
New wine is the grace of the gospel where Christ has been made sin for us, and we are made the righteousness of God. In the new wine God is not merely being patient with our sin, but he has removed it.
Three things are said to take away understanding, because there are three ways to understand: we may hear, see and walk.
Hearing is recognizing God's voice but not understanding his words. Following after false god's makes it such that you cannot distinguish God's voice.
Seeing is understanding the words of God. Old grace, long-suffering of sin, makes it such that though you understand God's Holiness from the words, you do not believe it at heart, and so heartless religion follows.
Walking is understanding the Word such that you live it and it lives in you. But even this grace can deaden our understanding when we lose sight of the cross. Easy beliefism leads to licentiousness, as Paul warned against (Rom 6.1).
God's warning in Hosea is sadly applicable today.