It's a song about sex. There's not much more too it. I guess you could say it is about sex/God combined, as is usual with U2 songs that are thematically sexual, but that's about as far as you can go into it (uhhhhhhhhhhhhhhhh).
why Elevation then? there probably isnt a worse song in their catalgoue to try and extract meaning from. I truely think the mole, hole, soul bits are all in there simply beacuase they rhyme and sound vaguely sexual