This stanza translates the word ‘dipa’ as island. But it can also be translated as the word lamp. Which translation do you prefer?
Some hedonistic Buddhists take this line to mean that you are your own master – that you do what you want to do. Yet, all religion, in the mystic traditions at least, culminate in surrender. When you ‘take a refuge’ you are taking a framework and foundation to act as a support, until such time as everything is surrendered, including your own ego and beliefs and opinions.
Taking your own opinions as important, and believing your beliefs, is always a big obstacle. What do you know? Taking a refuge is adopting a useful mode of being while your own beliefs are put aside in favour of what you can actually know for yourself.