Elton John wrote:Ever since i bought the legacy collection cd set whenever i get to the music where they are having the betrothed speech i hear a 'can you feel the love tonight' cue. It's really blatant.
Is it meaningless? Is it a clever way of saying that the two did care about each other? Am i reading too much into it?
It's just thematic foreshadowing, hinting at their eventual romance later on in the CYFTLT segment. It's similar to the unused portion of the first score cue in the set, where part of Be Prepared is hinted at during the middle of it, and would have been played during Scar and Mufasa's chat at the beginning of the film.
As for how they actually felt in the film, I think that it most likely was just a close friendship at the time. Simba coming to Nala's rescue, and then standing between her and the hyenas are obvious signs that he deeply cares for her, but that doesn't necessarily mean he has romantic feelings. You can have strong feelings for someone without actually being IN love with them. Same with her crying for him after she learns of his "death." They focus on her because she's one of the more significant characters and was also his best friend.
It's possible that they could have always loved each other deep down on a romantic level, but given that the whole purpose of the CYFTLT segment was to show two characters falling in love, it's unlikely, and we don't have much to imply that there was "something there." Those signs of closeness and caring early on in the film don't exactly indicate deep romantic feelings. They're just proof of a strong bond and that Simba isn't entirely a self-absorbed brat. Whether that bond is something much more deeper already, or something that would eventually blossom into love is left for viewer interpretation.