I struggle to see why Tolkien subtitled this beautiful poem Frodo's Dreme. If it was indeed a dream of Frodo's, then it doesn't seem to have been prophetic, because the events described don't seem to be the same that he experienced when he left the Grey Havens.
The hobbits as mortals would not have been able to return to Middle-Earth after residing in the Undying Lands, probably past their natural lifespans. They would have died, and their fëar passed to the same place that of men go. Also, the person in the poem is alone throughout, even when they leave, whereas Frodo left with several of his friends or allies.
To me it seems to be the story of someone who finds a way to Faery, visits there and finds it wonderful beyond their dreams, but at the same time lonely and not quite what they expected. Eventually they travel through great hardships to escape from this place, only to find that when they get back home, not only has their vision of Faery's beauty been sullied, but their own world has become unfriendly as well. Very sad.
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But Gwindor answered: 'The doom lies in yourself, not in your name'.
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