I haven't done many yet, but the ideas I have really vary depending on the song.
Some songs themselves are more first-person, some are third-person (Ben Folds does a ton of "character sketch" third-person songs), while some are vague and idea-based.
So it would depend on the song.
Out of the ones I've done or am doing, one was ...well, it didn't have any people in it, so that's hard to tell
...one was very much in first person plural (we), the throwaway vid in between was second person (you), and the one I'm unfortunately working on now definitely is first-person, though it flips to another first-person narration during the bridge (baaad in writing; we'll see how it goes in video).
So all in all, it depends on the song.