Here are some excerpts from Swedenborg's "Arcana Coelestia" that help explain the inner meaning of this chapter:

AC 971. The subject that now follows on is the state of the regenerate man; first, concerning the dominion of the internal man, and the submission of the external.

AC 972. Namely, that all things of the external man have been made subject to and serviceable to the internal (verses 1 to 3), but that especial care must be taken lest the man should immerse the goods and truths of faith in cupidities, or by the goods and truths which are of the internal man should confirm evils and falsities, which must of necessity condemn him to death, and punish him (verses 4 and 5); and thus destroy the spiritual man, or the image of God, with him (verse 6). That if these things are avoided, all will go well (verse 7).

AC 973. It next treats of the state of man after the flood, whom the Lord had so formed that He might be present with him by means of charity, and thus prevent his perishing, like the last posterity of the Most Ancient Church (verses 8 to 11).

AC 974. Afterwards the state of man subsequent to the flood, who is in the capacity to receive charity, is described by the "bow in the cloud," which he resembles (verses 12 to 17). This "bow" has regard to the man of the church, or the regenerate man (verses 12, 13); to every man in general (verses 14, 15); specifically, to the man who is in the capacity of being regenerated (verse 16); and consequently not only to man within but also to man without the church (verse 17).

AC 975. It treats lastly of the Ancient Church in general; by "Shem" is meant internal worship; by "Japheth," corresponding external worship; by "Ham," faith separated from charity; and by "Canaan," external worship separated from internal from (verse 19). This church, through the desire to investigate from itself the truths of faith, and by reasonings, first lapsed into errors and perversions (verses 19 to 21). Those who are in external worship separated from internal, deride the doctrine of faith itself, in consequence of such errors and perversions (verse 22); but those who are in internal worship, and in the external worship thence derived put a good interpretation on such things, and excuse them (verse 23). Those who are in external worship separated from internal, are most vile (verses 24, 25); and yet they are able to perform vile services in the church (verses 26, 27).

AC 976. Lastly, the duration and state of the first Ancient Church are described by the years of Noah‘s age (verses 28, 29).

837. Finally, this new Church raised up in place of the previous one is described, verses 21-22.