That is correct. The eye is the god of all knowledge, future, past and present. Experiencing the trauma of knowing the fate of all and having the ability to save those he know he will come to love, to hate, to lose and how they will feel and not feel as they die. The crying of help is the mortals he cannot save for he does not have a mouth to give the knowledge to rescue them. The fact he is transparent lines and all is white is meant to translate how all things feel mixed and intercepted to him, becoming weak and almost none physical to him in a sense. The yellow is meant to make the words hard to read for it is harder for normal people to pick up on the emotions and suffering around them so easily.
also "When you are not awake. Your home my hoofs shall break"