Maybe I can put the point like this:
Real poetry stands alone: It has no need for instrumental background.
But are there any rock lyrics that rise to this level? I don't know of any. Viewed as poetry, rock lyrics, at best, are third rate, or perhaps fifth rate, poetry. Without the music, no one would read them.
I agree with Mark: Good lyrics can make a good song better, a great song even greater. But the value of a pop song is measured by the music, not the words: Without good or great music, no pop song can be good or great, no matter how good the lyrics. And many pop songs can be good or great even with inconsequential lyrics. (The early Beatles being perhaps the best example.)
I think this even holds true of Dylan: IMO both how compelling his voice is (relatively early Dylan) and the quality of the hooks in his music are under-appreciated. There have been compelling covers of his songs that work primarily on musical levels (Along the Watchtower, Mr Tambourine Man, It Ain't Me Babe). However, IMO no one gets the songs emotionally right the way he does, and that's reflected in his voice.
His lyrics may be among the best in pop music, but they're still not great poetry. But many of the songs are great songs, due to their music and his voice.